Coastal Financial (NASDAQ:CCB) Stock Rating Upgraded by Zacks Research

Coastal Financial (NASDAQ:CCB) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

CCB has been the topic of several other research reports. TD Cowen dropped their price objective 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. Keefe, Bruyette & Woods reduced their target price on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Stephens reissued an “overweight” rating and set a $110.00 target price on shares of Coastal Financial in a report 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. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a report on Monday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Coastal Financial has a consensus rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Stock Up 3.0%

Coastal Financial stock opened at $79.84 on Tuesday. The firm has a market capitalization of $1.22 billion, a PE ratio of 25.03 and a beta of 0.72. The company’s 50-day moving average is $73.47 and its 200-day moving average is $86.28. Coastal Financial has a fifty-two week low of $66.50 and a fifty-two week 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 earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a net margin of 7.35% and a return on equity of 10.20%. The firm had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Sell-side analysts anticipate that Coastal Financial will post 4.56 earnings per share for the current year.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after purchasing an additional 149 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Coastal Financial by 7.0% during the 4th quarter. ProShare Advisors LLC now owns 2,360 shares of the company’s stock worth $270,000 after purchasing an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares during the period. Swiss National Bank boosted its stake in Coastal Financial by 0.8% in the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company’s stock valued at $2,830,000 after purchasing an additional 200 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Coastal Financial by 0.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company’s stock valued at $12,117,000 after buying an additional 293 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.