Hovde Group Cuts Coastal Financial (NASDAQ:CCB) Price Target to $55.00

Coastal Financial (NASDAQ:CCB - Free Report) had its price target cut by Hovde Group from $57.50 to $55.00 in a research note released on Friday, Marketbeat.com reports. They currently have an outperform rating on the stock.

Coastal Financial Trading Up 4.5 %

NASDAQ:CCB traded up $1.82 during mid-day trading on Friday, reaching $41.89. 65,779 shares of the company's stock traded hands, compared to its average volume of 51,413. Coastal Financial has a 12-month low of $32.20 and a 12-month high of $48.50. The firm has a market capitalization of $560.91 million, a price-to-earnings ratio of 14.65 and a beta of 1.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 1.01. The company has a 50 day moving average price of $38.37 and a 200-day moving average price of $40.13.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Tuesday, January 30th. The company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.28). Coastal Financial had a net margin of 6.55% and a return on equity of 14.55%. The firm had revenue of $124.35 million for the quarter, compared to the consensus estimate of $98.40 million. On average, sell-side analysts predict that Coastal Financial will post 3.38 earnings per share for the current year.

Institutional Trading of Coastal Financial

A number of hedge funds have recently bought and sold shares of CCB. SG Americas Securities LLC purchased a new stake in Coastal Financial in the third quarter worth about $107,000. Corton Capital Inc. purchased a new stake in Coastal Financial in the third quarter worth about $214,000. Raymond James & Associates purchased a new stake in Coastal Financial in the third quarter worth about $216,000. Channing Capital Management LLC purchased a new stake in Coastal Financial in the third quarter worth about $318,000. Finally, Simplex Trading LLC purchased a new stake in Coastal Financial in the third quarter worth about $335,000. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.