Coastal Financial (NASDAQ:CCB) Price Target Cut to $55.00 by Analysts at Hovde Group

Coastal Financial (NASDAQ:CCB) had its price target reduced by Hovde Group from $57.50 to $55.00 in a report issued on Friday, Marketbeat reports. They currently have an outperform rating on the stock.

Coastal Financial Stock Performance

Coastal Financial stock traded up $1.82 during midday trading on Friday, reaching $41.89. The stock had a trading volume of 65,794 shares, compared to its average volume of 50,233. The firm has a market capitalization of $560.91 million, a PE ratio of 14.65 and a beta of 1.16. Coastal Financial has a 12 month low of $32.20 and a 12 month high of $48.50. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $38.43 and its 200 day moving average price is $40.13.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Tuesday, January 30th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.28). The business had revenue of $124.35 million during the quarter, compared to the consensus estimate of $98.40 million. Coastal Financial had a net margin of 6.55% and a return on equity of 14.55%. As a group, research analysts predict that Coastal Financial will post 3.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors have recently modified their holdings of CCB. Vanguard Group Inc. grew its position in Coastal Financial by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after acquiring an additional 9,244 shares during the last quarter. Kennedy Capital Management LLC grew its holdings in shares of Coastal Financial by 17.2% in the third quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock worth $11,315,000 after purchasing an additional 38,632 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Coastal Financial in the fourth quarter worth $5,329,000. JCSD Capital LLC raised its holdings in Coastal Financial by 11.2% during the 3rd quarter. JCSD Capital LLC now owns 116,711 shares of the company’s stock valued at $5,008,000 after buying an additional 11,763 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. purchased a new stake in Coastal Financial during the 3rd quarter valued at $2,231,000. 59.24% of the stock is currently owned by institutional investors.

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.