Coastal Financial (NASDAQ:CCB) Upgraded at Zacks Research

Zacks Research upgraded shares of Coastal Financial (NASDAQ:CCB) from a strong sell rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other analysts have also recently commented on the company. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Wall Street Zen cut Coastal Financial from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Hovde Group lowered their price target 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. Finally, Keefe, Bruyette & Woods lowered their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $133.60.

Coastal Financial Stock Performance

Shares of CCB stock opened at $81.50 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The stock has a market cap of $1.24 billion, a PE ratio of 26.81 and a beta of 0.87. The stock has a 50-day moving average of $80.80 and a 200-day moving average of $100.06. Coastal Financial has a one year low of $70.72 and a one year high of $120.05.

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

Insider Buying and Selling

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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 4,000 shares of the 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 sale, the chief executive officer directly 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 25,058 shares of company stock valued at $2,885,654. 14.10% of the stock is owned by company insiders.

Institutional Trading of Coastal Financial

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased 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 worth $89,865,000 after purchasing an additional 18,193 shares in the last quarter. Azora Capital LP increased its stake in Coastal Financial by 26.4% during the 2nd 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 in the last quarter. American Century Companies Inc. increased 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 worth $55,226,000 after purchasing an additional 28,616 shares in the last quarter. Wellington Management Group LLP increased 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 worth $52,592,000 after purchasing an additional 39,984 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Coastal Financial by 43.8% during the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock worth $37,841,000 after acquiring an additional 100,661 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

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.