Coastal Financial (NASDAQ:CCB) Downgraded by Zacks Research to “Strong Sell”

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

CCB has been the topic of several other research reports. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Raymond James Financial downgraded Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. TD Cowen decreased their target price on Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Keefe, Bruyette & Woods lowered their target price on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Coastal Financial has an average rating of “Moderate Buy” and an average target price of $91.33.

Coastal Financial Trading Up 0.2%

NASDAQ:CCB opened at $44.15 on Tuesday. The stock has a market cap of $673.24 million, a price-to-earnings ratio of -157.67 and a beta of 0.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. Coastal Financial has a 1 year low of $36.61 and a 1 year high of $120.05. The business has a fifty day moving average of $71.31 and a 200-day moving average of $78.28.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing the consensus estimate of $1.01 by ($3.77). The company had revenue of $60.37 million during the quarter, compared to analyst estimates of $148.50 million. Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%. Equities analysts predict that Coastal Financial will post 1.26 earnings per share for the current year.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Coastal Financial in the fourth quarter valued at about $50,000. Smartleaf Asset Management LLC grew its holdings in Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after acquiring an additional 621 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after acquiring an additional 1,059 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.