Coastal Financial (NASDAQ:CCB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Coastal Financial (NASDAQ:CCB) from a sell rating to a hold rating in a research report report published on Saturday.

Several other research analysts have also recently issued reports on the company. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Monday, February 2nd. Weiss Ratings downgraded shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Hovde Group cut their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Finally, UBS Group set a $155.00 target price on shares of Coastal Financial in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Coastal Financial presently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Price Performance

Shares of CCB opened at $78.54 on Friday. The firm has a fifty day simple moving average of $97.44 and a two-hundred day simple moving average of $105.65. The firm has a market cap of $1.19 billion, a PE ratio of 25.84 and a beta of 0.86. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial has a 1-year low of $70.72 and a 1-year high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The firm had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, equities analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. The trade was a 2.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,685 shares of company stock valued at $6,994,817 over the last three months. 14.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial during the fourth quarter valued at about $50,000. State of Alaska Department of Revenue purchased a new position in shares of Coastal Financial in the third quarter valued at about $64,000. Smartleaf Asset Management LLC lifted its position in shares of Coastal Financial by 20,700.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after acquiring an additional 621 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.