Analysts Set Coastal Financial Corporation (NASDAQ:CCB) Price Target at $128.00

Coastal Financial Corporation (NASDAQ:CCB) has received an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $128.00.

Several equities analysts recently issued reports on CCB shares. Keefe, Bruyette & Woods reduced their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Monday, February 2nd. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Hovde Group dropped their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Finally, UBS Group set a $155.00 target price on Coastal Financial in a report on Friday, December 5th.

Coastal Financial Stock Down 4.2%

NASDAQ:CCB opened at $74.19 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 24.40 and a beta of 0.87. Coastal Financial has a one year low of $71.47 and a one year high of $120.05. The stock has a 50-day simple moving average of $101.41 and a 200 day simple moving average of $106.68.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%.The firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Sell-side analysts predict that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 8,778 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the sale, the chief executive officer owned 193,884 shares of the company’s stock, valued at $22,286,965.80. This trade represents a 4.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven D. Hovde sold 3,000 shares of Coastal Financial stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director owned 11,500 shares in the company, valued at approximately $1,348,375. This represents a 20.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coastal Financial

Several large investors have recently made changes to their positions in CCB. EverSource Wealth Advisors LLC boosted its position in shares of Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after buying an additional 169 shares during the period. State of Alaska Department of Revenue bought a new stake in Coastal Financial during the 3rd quarter valued at $64,000. Smartleaf Asset Management LLC boosted its position in Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after acquiring an additional 621 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after purchasing an additional 774 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.