Coastal Financial (NASDAQ:CCB) Upgraded at TD Cowen

TD Cowen upgraded shares of Coastal Financial (NASDAQ:CCB) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Several other brokerages also recently commented on CCB. Weiss Ratings downgraded Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Zacks Research upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Wall Street Zen downgraded Coastal Financial from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Finally, Hovde Group reduced their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $133.60.

Coastal Financial Stock Performance

CCB stock opened at $83.29 on Monday. The stock has a 50-day moving average price of $79.59 and a 200-day moving average price of $98.90. Coastal Financial has a 1-year low of $70.72 and a 1-year high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.27 billion, a PE ratio of 27.40 and a beta of 0.87.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). The business had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. As a group, equities research analysts expect that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 8,402 shares of Coastal Financial stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total transaction of $960,096.54. Following the completion of the transaction, the chief executive officer owned 163,126 shares in the company, valued at approximately $18,640,408.02. The trade was a 4.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the transaction, the chief financial officer owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This trade represents a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,702 shares of company stock valued at $1,911,329 in the last quarter. Company insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock valued at $89,865,000 after purchasing an additional 18,193 shares during the last quarter. Azora Capital LP boosted its stake in Coastal Financial by 4.6% during the 4th quarter. Azora Capital LP now owns 618,244 shares of the company’s stock valued at $70,845,000 after purchasing an additional 27,224 shares during the last quarter. American Century Companies Inc. boosted its stake in Coastal Financial by 5.9% during the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after purchasing an additional 28,616 shares during the last quarter. Wellington Management Group LLP boosted its stake in Coastal Financial by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after purchasing an additional 39,984 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in Coastal Financial by 43.8% during the 4th 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 during the last quarter. Institutional investors and hedge funds 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.