Wall Street Zen Upgrades Coastal Financial (NASDAQ:CCB) to Hold

Coastal Financial (NASDAQ:CCB) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other research analysts have also recently issued reports about the company. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. TD Cowen reiterated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Trading Down 0.8%

CCB opened at $78.54 on Friday. The firm’s fifty day moving average is $97.44 and its two-hundred day moving average is $105.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a market cap of $1.19 billion, a PE ratio of 25.84 and a beta of 0.86. Coastal Financial has a twelve month low of $70.72 and a twelve month high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced 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). Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. The firm had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. Equities research analysts anticipate that Coastal Financial will post 4.59 EPS for the current year.

Insider Transactions at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of Coastal Financial 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 sale, the director owned 11,500 shares of the company’s stock, valued at $1,348,375. This trade represents a 20.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the sale, the chief executive officer owned 193,884 shares in the company, valued at approximately $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 57,685 shares of company stock valued at $6,652,817. Corporate insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. boosted its position in Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after acquiring an additional 275,500 shares during the last quarter. Azora Capital LP raised its holdings in shares of Coastal Financial by 26.4% in the second 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. Ranger Investment Management L.P. bought a new stake in shares of Coastal Financial in the third quarter worth $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Coastal Financial by 364.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing an additional 132,403 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new position in Coastal Financial during the third quarter worth $13,580,000. Institutional investors own 59.24% of the company’s stock.

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.