Coastal Financial (NASDAQ:CCB) Hits New 52-Week Low – What’s Next?

Coastal Financial Corporation (NASDAQ:CCB) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $70.27 and last traded at $71.0040, with a volume of 74883 shares traded. The stock had previously closed at $72.86.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CCB shares. Hovde Group decreased their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Keefe, Bruyette & Woods decreased their target price on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, TD Cowen lowered their price target on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Coastal Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Stock Down 2.9%

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The firm has a market cap of $1.08 billion, a PE ratio of 22.17 and a beta of 0.76. The business has a fifty day moving average price of $78.50 and a two-hundred day moving average price of $96.09.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.35%. The business had revenue of $56.30 million for the quarter, compared to analysts’ expectations of $138.63 million. On average, analysts anticipate that Coastal Financial Corporation will post 4.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CCB. Ranger Investment Management L.P. purchased a new position in shares of Coastal Financial during the third quarter valued at $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Coastal Financial by 364.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock valued at $18,255,000 after purchasing an additional 132,403 shares in the last quarter. UBS Group AG grew its stake in Coastal Financial by 158.7% in the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after purchasing an additional 101,935 shares in the last quarter. Next Century Growth Investors LLC grew its stake in Coastal Financial by 130.0% in the fourth quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock valued at $20,423,000 after purchasing an additional 100,731 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in Coastal Financial by 43.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock valued at $37,841,000 after purchasing an additional 100,661 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.