Coastal Financial (NASDAQ:CCB) Rating Lowered to “Strong Sell” at Zacks Research

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

A number of other brokerages also recently weighed in on CCB. Keefe, Bruyette & Woods lowered their price objective 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. TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Hovde Group lowered their price target on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Trading Down 0.8%

Shares of NASDAQ:CCB opened at $88.80 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial has a 1 year low of $76.11 and a 1 year high of $120.05. The company has a market cap of $1.34 billion, a P/E ratio of 29.21 and a beta of 0.87. The stock’s fifty day moving average price is $111.86 and its 200-day moving average price is $108.53.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The business had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%. Sell-side analysts expect that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 3,000 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the transaction, the director owned 11,500 shares of the company’s stock, valued at $1,348,375. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 8,778 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the transaction, the chief executive officer owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. This represents a 4.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 63,296 shares of company stock valued at $7,287,745 in the last ninety days. 14.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lisanti Capital Growth LLC acquired a new position in Coastal Financial in the 3rd quarter valued at $3,533,000. D.A. Davidson & CO. acquired a new position in Coastal Financial during the third quarter worth $13,580,000. Peregrine Capital Management LLC boosted its position in shares of Coastal Financial by 25.0% during the 2nd quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock valued at $13,629,000 after acquiring an additional 28,099 shares during the last quarter. Azora Capital LP boosted its holdings in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after purchasing an additional 156,956 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Coastal Financial by 69.1% during the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after buying an additional 4,391 shares during the period. 59.24% of the stock is currently owned by institutional investors.

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.