Coastal Financial (NASDAQ:CCB) Raised to Hold at Wall Street Zen

Coastal Financial (NASDAQ:CCB) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently commented on the company. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Finally, Hovde Group decreased their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Price Performance

Coastal Financial stock opened at $78.54 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The business has a 50 day simple moving average of $97.44 and a 200-day simple moving average of $105.64. Coastal Financial has a 12 month low of $70.72 and a 12 month high of $120.05. The stock has a market capitalization of $1.19 billion, a PE ratio of 25.84 and a beta of 0.86.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share 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%. Equities analysts predict that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Activity

In related news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, the chief executive officer directly owned 159,126 shares in the company, valued at $18,460,207.26. This trade represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 60,685 shares of company stock worth $6,994,817 in the last quarter. 14.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. Lisanti Capital Growth LLC bought a new position in shares of Coastal Financial in the 3rd quarter valued at about $3,533,000. D.A. Davidson & CO. acquired a new stake in Coastal Financial in the 3rd quarter valued at about $13,580,000. Ranger Investment Management L.P. acquired a new stake in Coastal Financial in the 3rd quarter valued at about $16,895,000. Azora Capital LP grew its holdings in Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after purchasing an additional 156,956 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Coastal Financial by 69.1% during the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after purchasing an additional 4,391 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

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.