Coastal Financial (NASDAQ:CCB) Lowered to “Sell” Rating by Wall Street Zen

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

A number of other analysts have also recently commented on CCB. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Hovde Group lowered their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. TD Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $133.60.

Coastal Financial Price Performance

Shares of CCB stock opened at $77.66 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. Coastal Financial has a 12 month low of $70.72 and a 12 month high of $120.05. The stock has a market cap of $1.18 billion, a P/E ratio of 25.55 and a beta of 0.87. The company has a 50 day simple moving average of $82.31 and a two-hundred day simple moving average of $100.76.

Coastal Financial (NASDAQ:CCB) last issued 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). The business had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, research analysts expect that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Transactions at Coastal Financial

In other news, CFO Joel G. Edwards sold 1,300 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the transaction, the chief financial officer owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This represents a 10.19% 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 Coastal Financial stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 193,884 shares in the company, valued at $22,286,965.80. This trade represents a 4.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 44,836 shares of company stock valued at $5,178,285. Corporate insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Institutional investors have recently added to or reduced their stakes in the stock. Azora Capital LP lifted 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 worth $72,759,000 after buying an additional 156,956 shares in the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial during the third quarter worth $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Coastal Financial by 364.1% during 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 acquiring an additional 132,403 shares in the last quarter. D.A. Davidson & CO. purchased a new position in Coastal Financial during the third quarter valued at $13,580,000. Finally, UBS Group AG increased its holdings in Coastal Financial by 158.7% in the 3rd quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after acquiring an additional 101,935 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other 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.