Coastal Financial Corporation (NASDAQ:CCB) Receives Average Recommendation of “Moderate Buy” from Analysts

Coastal Financial Corporation (NASDAQ:CCB) has received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $128.00.

Several analysts have issued reports on CCB shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Finally, UBS Group set a $155.00 price objective on Coastal Financial in a research report on Friday, December 5th.

Coastal Financial Trading Down 0.4%

NASDAQ:CCB opened at $83.65 on Friday. The company has a market cap of $1.26 billion, a P/E ratio of 27.52 and a beta of 0.87. Coastal Financial has a twelve month low of $76.11 and a twelve month high of $120.05. The business has a 50 day moving average price of $105.21 and a two-hundred day moving average price of $107.41. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.82 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 business had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. As a group, analysts expect that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In other news, CFO Joel G. Edwards sold 1,300 shares of the company’s stock in a transaction 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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CCB. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 18,193 shares during the period. Azora Capital LP grew its stake 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. American Century Companies Inc. increased its holdings in Coastal Financial by 5.9% in the third quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock worth $55,226,000 after purchasing an additional 28,616 shares in the last quarter. Wellington Management Group LLP increased its holdings in Coastal Financial by 9.0% in the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock worth $52,592,000 after purchasing an additional 39,984 shares in the last quarter. Finally, Loomis Sayles & Co. L P lifted its stake in Coastal Financial by 43.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock valued at $37,841,000 after buying an additional 100,661 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

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.