Coastal Financial (NASDAQ:CCB) Target Price Increased to $76.00

Research firm Hovde Group has raised its target price for Coastal Financial (NASDAQ:CCB) from $67.00 to $76.00 in a report released on Tuesday. They have assigned the stock an "outperform" rating, suggesting that it is expected to perform better than the market average. Hovde Group's revised target indicates a potential upside of approximately 19.44% from Coastal Financial's current stock price, creating a positive outlook for investors.

Latest Stock Performance

On Tuesday, shares of Coastal Financial opened at $63.63. Over the past year, the stock has experienced a low of $35.67 and a high of $64.29. The company's financial health is reflected in its debt-to-equity ratio of 0.15, quick ratio of 1.03, and current ratio of 1.03. Coastal Financial also has a market capitalization of $853.85 million, a price-to-earnings ratio of 22.25, and a beta of 1.24, indicating reasonable volatility.

Quarterly Earnings Highlights

Coastal Financial recently announced its quarterly earnings results on July 29th, where it reported earnings per share (EPS) of $0.84, exceeding analysts' average estimate of $0.81 by $0.03. The company's revenue totaled $167.41 million for the quarter, slightly missing expectations of $168.30 million. Their net profit margin stood at 6.07%, reflecting a solid return on equity of 13.34%. Analysts predict that Coastal Financial will achieve an EPS of 3.56 for the current fiscal year.

Insider Transactions

In related news, CEO Eric M. Sprink has been active in the stock market, selling shares of the company. On October 23rd, he sold 3,705 shares at an average price of $60.01, totaling around $222,337.05. After this transaction, he retains ownership of 275,683 shares valued at approximately $16.54 million. Earlier, on September 13th, he sold 7,302 shares for $366,049.26, further reducing his ownership. Overall, he has sold a total of 59,495 shares within the last three months. Currently, company insiders hold about 16.82% of Coastal Financial’s stock.

Institutional Investor Activity

Institutional investors have recently been adjusting their positions in Coastal Financial. Notably, Norden Group LLC entered a new position in the company worth approximately $1.49 million. Additionally, Riverwater Partners LLC increased its stake by 367.9% during the third quarter, now owning 38,670 shares valued at $2.01 million. Other institutional investors, such as American Century Companies Inc. and Dimensional Fund Advisors LP, have also bolstered their holdings significantly. Currently, institutional investors account for 59.24% of the company's stock ownership.

About Coastal Financial

Coastal Financial Corporation functions as the bank holding company for Coastal Community Bank, offering a wide range of banking services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region of Washington. Their offerings include various deposit products, such as demand and savings accounts, time deposits, and money market accounts.

Coastal, Financial, Stock