In a remarkable display of market confidence, Coastal Financial Corp's stock soared to an all-time high, reaching a price level of $88.6. The $1.31 billion market cap company trades at a P/E ratio of 27.6, with InvestingPro analysis suggesting the stock is currently trading above its Fair Value. This peak punctuates a period of significant growth for the company, with an impressive 1-year change of 106.14%. Investors have shown increasing enthusiasm for Coastal Financial's prospects, propelling the stock to new heights and eclipsing all previous records. The financial sector has taken note of this surge, attributing the performance to strong fundamentals and strategic initiatives that have resonated well with the market. InvestingPro data reveals a GREAT Financial Health Score of 3.28, with 11 additional exclusive ProTips available to subscribers.
In other recent news, Coastal Financial Corp has been the subject of significant analyst attention. Keefe, Bruyette & Woods recently raised its price target on the bank's shares from $92.00 to $96.00, maintaining an Outperform rating. This adjustment follows a positive evaluation of the bank's recent capital raise, which is expected to expedite earnings growth. Analysts project revenue growth of 43% for FY2024 and over 170% EPS growth from 2024 to 2026.
Furthermore, Coastal Financial has initiated an underwritten public offering of its common stock. The bank plans to provide underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less any underwriting discounts and commissions. The proceeds are intended for general corporate purposes, including investment opportunities and growth initiatives.
Keefe, Bruyette & Woods, a Stifel company, is leading the offering, with Hovde Group, LLC as a joint bookrunning manager. Raymond (NS:RYMD) James & Associates, Inc. and Stephens Inc. are acting as co-managers for the offering. These are the latest developments in Coastal Financial's business operations.
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