Wall Street Zen Downgrades Coastal Financial (NASDAQ:CCB) to Sell

Coastal Financial (NASDAQ:CCB) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

A number of other research firms have also recently commented on CCB. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Keefe, Bruyette & Woods lowered their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. Finally, Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $133.60.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $77.66 on Friday. The stock has a market cap of $1.18 billion, a PE ratio of 25.55 and a beta of 0.87. Coastal Financial has a 1 year low of $70.72 and a 1 year high of $120.05. The firm has a fifty day moving average price of $82.31 and a 200-day moving average price of $100.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04.

Coastal Financial (NASDAQ:CCB) last released its 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 firm had revenue of $56.49 million for 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 anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 1,300 shares of the 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 owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, the chief executive officer owned 159,126 shares of the company’s stock, valued at approximately $18,460,207.26. The trade was a 2.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 44,836 shares of company stock worth $5,178,285. Corporate insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted 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 valued at $1,185,000 after purchasing an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after buying an additional 977 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after buying an additional 22,725 shares during the last quarter. Empowered Funds LLC raised its position in shares of Coastal Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after buying an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 buying an additional 1,048 shares in the last quarter. Institutional investors 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.