Raymond James Forecasts Strong Price Appreciation for Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial (NASDAQ:CCB) had its price target raised by Raymond James from $100.00 to $105.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a strong-buy rating on the stock.

CCB has been the subject of a number of other research reports. Stephens reissued an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a report on Tuesday, March 18th. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $89.91 on Wednesday. The firm has a market cap of $1.35 billion, a P/E ratio of 27.66 and a beta of 1.21. The business’s 50 day moving average is $88.45 and its 200-day moving average is $76.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 1-year low of $37.30 and a 1-year high of $102.25.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Equities research analysts predict that Coastal Financial will post 4.59 earnings per share for the current year.

Institutional Trading of Coastal Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCB. T. Rowe Price Investment Management Inc. increased its stake in Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock valued at $112,279,000 after acquiring an additional 423,864 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after buying an additional 417,767 shares in the last quarter. Azora Capital LP bought a new stake in shares of Coastal Financial during the 4th quarter worth $33,794,000. Driehaus Capital Management LLC acquired a new stake in Coastal Financial in the fourth quarter valued at about $8,170,000. Finally, Westwood Holdings Group Inc. bought a new position in Coastal Financial in the fourth quarter valued at about $7,620,000. Institutional investors own 59.24% of the company’s stock.

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.