Coastal Financial Corporation (NASDAQ:CCB – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $122.60.
A number of research firms have commented on CCB. Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, TD Cowen decreased their target price on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, April 30th.
Get Our Latest Research Report on CCB
Coastal Financial Price Performance
Coastal Financial (NASDAQ:CCB – Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%. As a group, equities analysts expect that Coastal Financial will post 4.56 EPS for the current year.
Institutional Investors Weigh In On Coastal Financial
Several large investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after purchasing an additional 977 shares during the period. Goldman Sachs Group Inc. grew its stake in Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after purchasing an additional 22,725 shares during the period. Empowered Funds LLC increased its holdings in Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after purchasing an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after buying an additional 1,048 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.
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.
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