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

Wall Street Zen upgraded shares of Coastal Financial (NASDAQ:CCB) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other equities research analysts have also issued reports on CCB. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. TD Cowen upgraded shares of Coastal Financial to a “strong-buy” rating in a report on Monday, April 13th. Keefe, Bruyette & Woods reduced 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, February 2nd. Finally, Hovde Group decreased their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial has an average rating of “Buy” and an average target price of $133.60.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $83.29 on Friday. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 27.40 and a beta of 0.87. 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 stock has a 50 day moving average price of $79.45 and a 200-day moving average price of $98.49. Coastal Financial has a one year low of $70.72 and a one year high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results 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 net margin of 7.11% and a return on equity of 10.01%. The company had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Equities analysts expect that Coastal Financial will post 4.59 EPS for the current year.

Insider Buying and Selling

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the completion of the sale, the chief executive officer directly owned 159,126 shares of the company’s stock, valued at $18,460,207.26. The trade was a 2.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction 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 sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,702 shares of company stock valued at $1,568,879 over the last three months. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC raised its position in Coastal Financial by 71.2% during the 1st quarter. SG Americas Securities LLC now owns 13,719 shares of the company’s stock valued at $1,044,000 after purchasing an additional 5,704 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial during the 4th quarter valued at $50,000. Mendon Capital Advisors Corp raised its position in Coastal Financial by 1.0% during the 4th quarter. Mendon Capital Advisors Corp now owns 30,000 shares of the company’s stock valued at $3,438,000 after purchasing an additional 300 shares in the last quarter. XTX Topco Ltd bought a new stake in Coastal Financial during the 4th quarter valued at $451,000. Finally, Numerai GP LLC bought a new stake in Coastal Financial during the 4th quarter valued at $978,000. 59.24% of the stock is owned by institutional investors.

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.