Coastal Financial (NASDAQ:CCB) Upgraded at Zacks Research

Zacks Research upgraded shares of Coastal Financial (NASDAQ:CCB) from a strong sell rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

A number of other equities analysts have also issued reports on the company. Keefe, Bruyette & Woods increased their price target on Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. TD Cowen initiated coverage on Coastal Financial in a research note on Thursday, September 25th. They set a “buy” rating and a $140.00 price target for the company. Finally, Hovde Group set a $126.00 price target on Coastal Financial in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $116.20.

Coastal Financial Stock Performance

Shares of CCB stock opened at $110.50 on Monday. Coastal Financial has a 12-month low of $51.49 and a 12-month high of $119.22. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 34.00 and a beta of 0.99. The business has a 50 day simple moving average of $107.73 and a 200 day simple moving average of $95.37. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The business had revenue of $119.43 million during the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. On average, equities research analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

Insider Transactions at Coastal Financial

In other news, Director Stephan Klee sold 4,350 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the completion of the sale, the director directly owned 1,661 shares of the company’s stock, valued at $181,281.54. This trade represents a 72.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Joel G. Edwards sold 9,425 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the sale, the chief financial officer owned 12,762 shares of the company’s stock, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,958 shares of company stock valued at $7,210,220 in the last three months. 14.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. lifted its holdings 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 valued at $80,000 after purchasing an additional 576 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Coastal Financial by 521.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after acquiring an additional 1,059 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Coastal Financial during the first quarter worth $188,000. CacheTech Inc. purchased a new stake in shares of Coastal Financial during the second quarter worth $214,000. Finally, KLP Kapitalforvaltning AS raised its holdings in shares of Coastal Financial by 28.6% during the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock worth $262,000 after acquiring an additional 600 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 operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.