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

Coastal Financial (NASDAQ:CCB) had its price objective reduced by investment analysts at Hovde Group from $57.50 to $55.00 in a report released on Friday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the stock. Hovde Group’s target price points to a potential upside of 31.30% from the stock’s current price.

Coastal Financial Stock Performance

NASDAQ CCB traded up $1.82 during trading hours on Friday, reaching $41.89. 65,794 shares of the company were exchanged, compared to its average volume of 50,233. 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 stock has a market capitalization of $560.91 million, a P/E ratio of 14.65 and a beta of 1.16. Coastal Financial has a 1 year low of $32.20 and a 1 year high of $48.50. The business’s 50 day simple moving average is $38.43 and its 200-day simple moving average is $40.13.

Institutional Trading of Coastal Financial

Several hedge funds have recently made changes to their positions in the company. Kennedy Capital Management LLC increased its stake 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 in the last quarter. Vanguard Group Inc. raised its holdings in Coastal Financial by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock valued at $24,800,000 after acquiring an additional 9,244 shares during the period. Cox Capital Mgt LLC lifted its position in shares of Coastal Financial by 79.8% during the fourth quarter. Cox Capital Mgt LLC now owns 35,454 shares of the company’s stock worth $1,575,000 after acquiring an additional 15,730 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after acquiring an additional 1,489 shares during the period. Finally, Punch & Associates Investment Management Inc. purchased a new position in shares of Coastal Financial in the third 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.