Coastal Financial (NASDAQ:CCB) Upgraded by TD Cowen to Strong-Buy Rating

TD Cowen upgraded shares of Coastal Financial (NASDAQ:CCB) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Coastal Financial from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. Keefe, Bruyette & Woods cut their price objective 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. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, Hovde Group cut their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $133.60.

Coastal Financial Stock Performance

CCB stock opened at $82.04 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The company has a 50 day moving average price of $79.70 and a 200 day moving average price of $99.01. Coastal Financial has a fifty-two week low of $70.72 and a fifty-two week high of $120.05. The stock has a market capitalization of $1.25 billion, a PE ratio of 26.99 and a beta of 0.87.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%.The company had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. Analysts forecast that Coastal Financial will post 4.59 EPS for the current year.

Insider Activity at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the transaction, the chief financial officer directly owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Eric M. Sprink sold 8,402 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total transaction of $960,096.54. Following the completion of the transaction, the chief executive officer owned 163,126 shares in the company, valued at $18,640,408.02. This represents a 4.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 21,058 shares of company stock worth $2,410,134 over the last 90 days. 14.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coastal Financial

Several large investors have recently bought and sold shares of CCB. Ranger Investment Management L.P. bought a new stake in Coastal Financial in the third quarter valued at approximately $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 valued at $18,255,000 after purchasing an additional 132,403 shares in the last quarter. D.A. Davidson & CO. bought a new stake in Coastal Financial in the third quarter valued at approximately $13,580,000. UBS Group AG increased its stake in Coastal Financial by 158.7% in the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after purchasing an additional 101,935 shares in the last quarter. Finally, Next Century Growth Investors LLC increased its stake in Coastal Financial by 130.0% in the fourth quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock valued at $20,423,000 after purchasing an additional 100,731 shares in the last quarter. 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.