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

Shares of Coastal Financial Corporation (NASDAQ:CCB) have earned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $122.60.

A number of brokerages have commented on CCB. Stephens restated an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods reduced their price objective on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Finally, TD Cowen cut their price target on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCB. AQR Capital Management LLC lifted its stake in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after acquiring an additional 473 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after acquiring an additional 977 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after acquiring an additional 22,725 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after acquiring an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Coastal Financial by 4.1% in 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 worth $2,393,000 after acquiring an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Trading Down 0.1%

Shares of CCB opened at $70.24 on Tuesday. The stock’s 50-day moving average is $75.61 and its two-hundred day moving average is $90.94. The stock has a market cap of $1.07 billion, a PE ratio of 22.02 and a beta of 0.72. Coastal Financial has a 12 month low of $66.50 and a 12 month high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). The company had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%. Equities analysts forecast that Coastal Financial will post 4.56 earnings per share for the current fiscal year.

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.