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

Coastal Financial Corporation (NASDAQ:CCB) has received an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $133.60.

A number of brokerages have recently commented on CCB. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd.

Insider Activity

In other Coastal Financial news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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. Insiders sold 53,185 shares of company stock valued at $6,127,817 over the last 90 days. Corporate insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial in the 4th quarter valued at approximately $50,000. State of Alaska Department of Revenue acquired a new position in Coastal Financial during the 3rd quarter worth approximately $64,000. Smartleaf Asset Management LLC boosted its position in Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after acquiring an additional 621 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB opened at $77.13 on Thursday. The company has a fifty day moving average price of $88.93 and a two-hundred day moving average price of $102.86. The firm has a market capitalization of $1.17 billion, a PE ratio of 25.37 and a beta of 0.87. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 10.01% and a net margin of 7.11%. As a group, analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current year.

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.