Coastal Financial (NASDAQ:CCB) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Coastal Financial (NASDAQ:CCB) from a hold rating to a strong sell rating in a report published on Tuesday morning,Zacks.com reports.

CCB has been the subject of a number of other research reports. TD Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Hovde Group dropped their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Coastal Financial has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Price Performance

NASDAQ:CCB opened at $84.97 on Tuesday. Coastal Financial has a one year low of $76.11 and a one year high of $120.05. The company has a market cap of $1.28 billion, a P/E ratio of 27.95 and a beta of 0.87. The firm’s fifty day moving average price is $111.33 and its two-hundred day moving average price is $108.37. 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 posted its 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). Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%.The company had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Equities analysts expect that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated 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 directly owned 159,126 shares in the company, valued at $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the completion of the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 63,296 shares of company stock worth $7,287,745. 14.10% of the stock is currently owned by insiders.

Institutional Trading of Coastal Financial

Large investors have recently made changes to their positions in the company. Truist Financial Corp increased its stake in Coastal Financial by 13.1% in the fourth quarter. Truist Financial Corp now owns 15,855 shares of the company’s stock valued at $1,817,000 after acquiring an additional 1,840 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Coastal Financial by 24.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,456 shares of the company’s stock valued at $281,000 after purchasing an additional 487 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Coastal Financial during the 4th quarter worth $212,000. Quent Capital LLC acquired a new position in shares of Coastal Financial during the 4th quarter worth $2,279,000. Finally, Vanguard Group Inc. lifted its position in shares of Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock worth $89,865,000 after buying an additional 18,193 shares during the last quarter. Institutional investors and hedge funds 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.