Coastal Financial (NASDAQ:CCB) Rating Increased to Hold at Zacks Research

Coastal Financial (NASDAQ:CCB) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other equities analysts have also issued reports on CCB. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Wall Street Zen lowered Coastal Financial from a “hold” rating to a “sell” rating in a report on Saturday. Keefe, Bruyette & Woods reduced their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Finally, Hovde Group reduced their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, January 30th. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.60.

Coastal Financial Stock Performance

CCB stock opened at $79.41 on Monday. The firm has a market cap of $1.21 billion, a PE ratio of 26.12 and a beta of 0.87. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $81.19 and a 200-day moving average of $100.19. Coastal Financial has a 12-month low of $70.72 and a 12-month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its 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 business 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 Transactions at Coastal Financial

In related 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 transaction of $144,742.00. Following the sale, the chief financial officer 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 sale was disclosed in a document filed with the SEC, which is accessible 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 value of $464,040.00. Following the sale, the chief executive officer directly owned 159,126 shares in the company, valued at $18,460,207.26. This trade represents a 2.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 25,058 shares of company stock worth $2,885,654 in the last three months. 14.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coastal Financial

Several large investors have recently added to or reduced their stakes in CCB. AQR Capital Management LLC boosted its stake 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 buying an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after buying an additional 977 shares during the period. Goldman Sachs Group Inc. boosted its stake in Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after buying an additional 22,725 shares during the period. Empowered Funds LLC boosted its stake in Coastal Financial by 7.3% during the first 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 during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Coastal Financial by 4.1% during the first 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 during the period. Institutional investors 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.