Coastal Financial Target Price Raised to $76.00

Coastal Financial (NASDAQ:CCB) has seen its target price increased by analysts at Hovde Group, moving from $67.00 to $76.00. This adjustment was made in a report issued to clients and investors on Tuesday. Hovde Group has also given the stock an "outperform" rating, suggesting strong performance compared to the market. The new target price represents a potential upside of approximately 19.44% from the current trading price of the shares.

In related updates, Keefe, Bruyette & Woods also released a report on Tuesday, July 30th, upgrading Coastal Financial's stock to a "moderate buy" rating, which indicates further confidence in the stock's performance.

Coastal Financial Stock Performance

On the same Tuesday, shares of Coastal Financial opened at $63.63, reflecting an 8.9% increase in value. The company has a 52-week range between a low of $35.67 and a high of $64.29. Other financial metrics reveal a debt-to-equity ratio of 0.15, a quick ratio of 1.03, and a current ratio also standing at 1.03. Additionally, the fifty-day moving average is $53.65, while the two-hundred-day average is $48.14. The market capitalization of Coastal Financial currently sits at $853.85 million, with a price-to-earnings (PE) ratio of 22.25, and a beta of 1.24, indicating some volatility in comparison to the broader market.

Coastal Financial recently announced its quarterly earnings results on July 29th, reporting an earnings per share (EPS) of $0.84. This figure exceeded the consensus estimate of $0.81, resulting in a positive outlook from analysts. The company reported a revenue of $167.41 million for the quarter, which fell slightly short of the anticipated $168.30 million target. Coastal Financial also boasted a net margin of 6.07% along with a return on equity of 13.34%. Analysts project that the company will achieve 3.56 earnings per share for the current fiscal year.

Insider Trading Activities

In terms of insider trading, CEO Eric M. Sprink has been active and recently sold 3,705 shares. This transaction occurred on October 23rd, and the shares were sold at an average price of $60.01, amounting to a total of $222,337.05. After this transaction, the CEO’s ownership dropped only slightly, retaining around 275,683 shares valued at about $16,543,736.83. Prior to this, on September 13th, he sold another batch of 7,302 shares for $50.13 each, totaling roughly $366,049.26. Currently, insiders own approximately 16.82% of Coastal Financial's shares, with recent transactions totaling 59,495 shares sold over the last three months, valued at around $3,187,116.

Institutional Shareholder Movements

Several institutional investors have modified their holdings of Coastal Financial recently. Norden Group LLC acquired a new stake in the company worth around $1,488,000 in the first quarter. Meanwhile, Riverwater Partners LLC increased their position by a significant 367.9% during the third quarter, now holding 38,670 shares with a total value of $2,012,000. Other notable changes include American Century Companies Inc. increasing their stake by 23.3% to now hold 141,203 shares. Dimensional Fund Advisors LP also bolstered their holdings by 6.0%, and Moss Adams Wealth Advisors LLC acquired a new position in the company worth approximately $1,020,000. Institutional investors now control around 59.24% of Coastal Financial's stock.

About Coastal Financial

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank. This bank provides a diverse array of banking products and services, targeting small to medium-sized businesses, professionals, and individual clients predominantly within the Puget Sound region of Washington State. Their offerings include various deposit products such as demand and savings accounts, time deposits, and money market accounts.

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