Coastal Financial Corporation (NASDAQ:CCB) Receives $133.60 Consensus PT from Analysts

Shares of Coastal Financial Corporation (NASDAQ:CCB) have received an average recommendation of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $133.60.

Several analysts recently issued reports on CCB shares. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Finally, Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, January 22nd. The shares were 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 $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 53,185 shares of company stock valued at $6,127,817 in the last ninety days. 14.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after acquiring an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after purchasing an additional 977 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after purchasing an additional 22,725 shares during the last quarter. Empowered Funds LLC grew its stake in Coastal Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after purchasing an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Coastal Financial by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after purchasing an additional 1,048 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

CCB opened at $76.15 on Thursday. Coastal Financial has a 52-week low of $70.72 and a 52-week high of $120.05. The company has a 50 day moving average of $87.51 and a two-hundred day moving average of $102.44. The company has a market cap of $1.16 billion, a P/E ratio of 25.05 and a beta of 0.86. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

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

Coastal Financial Company Profile

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.