Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Coastal Financial Corporation (NASDAQ:CCB) has been assigned an average rating of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $122.60.

A number of research firms have recently weighed in on CCB. TD Cowen dropped their target price on Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods lowered their price target on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. Finally, Stephens reissued an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a report on Friday, May 1st.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $77.25 on Wednesday. The firm has a market cap of $1.18 billion, a P/E ratio of 24.22 and a beta of 0.72. The business’s 50 day moving average is $73.67 and its 200-day moving average is $82.60. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. Coastal Financial has a 1-year low of $66.50 and a 1-year high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. The firm had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Equities research analysts predict that Coastal Financial will post 4.57 earnings per share for the current year.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its position in 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 buying an additional 473 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Coastal Financial by 15.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after acquiring an additional 977 shares during the period. Goldman Sachs Group Inc. raised its holdings in Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after acquiring an additional 22,725 shares in the last quarter. Empowered Funds LLC raised its holdings in Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after acquiring an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of 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 acquiring an additional 1,048 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.