Raymond James Financial Inc. Purchases New Shares in Coastal Financial Co. (NASDAQ:CCB)

Raymond James Financial Inc. acquired a new position in Coastal Financial Co. (NASDAQ:CCB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,267 shares of the company's stock, valued at approximately $532,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new stake in shares of Coastal Financial in the 4th quarter valued at approximately $64,000. New York State Teachers Retirement System purchased a new stake in Coastal Financial in the fourth quarter valued at approximately $87,000. USA Financial Formulas acquired a new position in Coastal Financial during the fourth quarter worth $122,000. KLP Kapitalforvaltning AS purchased a new position in shares of Coastal Financial during the fourth quarter worth $178,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of Coastal Financial in the fourth quarter valued at $214,000. Institutional investors and hedge funds own 59.24% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Stephens reissued an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Hovde Group decreased their price target on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods cut their price objective on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, Raymond James decreased their target price on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th.

Coastal Financial Stock Up 0.8%

Shares of Coastal Financial stock traded up $0.74 during trading on Wednesday, hitting $87.34. 29,151 shares of the stock were exchanged, compared to its average volume of 123,972. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The firm's 50-day moving average price is $84.20 and its 200 day moving average price is $82.60. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 26.89 and a beta of 0.94. Coastal Financial Co. has a 12-month low of $42.64 and a 12-month high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. The business had revenue of $139.54 million for the quarter, compared to analysts' expectations of $158.65 million. As a group, analysts forecast that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 16.82% of the company's stock.

Coastal Financial 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.