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Coastal Financial Corp’s stock reached an all-time high of $102.32, marking a significant milestone for the $1.53 billion market cap company. According to InvestingPro analysis, the stock appears slightly overvalued at current levels, trading at a P/E ratio of 29.08. This achievement underscores a remarkable performance over the past year, with the stock delivering a 115.17% return. The impressive growth trajectory, supported by 25.44% revenue growth and an overall GREAT financial health score, highlights Coastal Financial Corp’s strong market position and investor confidence. This all-time high serves as a testament to the company’s strategic initiatives and its ability to navigate the dynamic economic landscape successfully. (InvestingPro subscribers have access to 10+ additional investment tips and comprehensive financial metrics for CCB.)
In other recent news, Coastal Financial Corporation has seen several key developments that could interest investors. Analysts from Keefe, Bruyette & Woods have reiterated their Outperform rating for Coastal Financial, maintaining a price target of $110. This follows the integration of Walmart (NYSE:WMT)’s credit card functionality into OnePay’s app, which Coastal Financial sponsors. Despite not winning the Walmart credit card issuing deal, the analysts view Coastal Financial’s involvement in the initiative positively. Additionally, Coastal Financial announced a change in its independent auditor due to a merger involving its former auditor, Moss Adams LLP, with Baker Tilly US, LLP now appointed as the new auditor. The company’s annual meeting results included the election of four directors and the approval of an amendment to the 2018 Omnibus Incentive Plan, which increases the number of authorized shares. Furthermore, Coastal Financial has updated its bylaws by removing the age limit for directors, enhancing flexibility in board member selection. These developments reflect Coastal Financial’s ongoing strategic efforts and governance adjustments.
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