Shares of Coastal Financial Corporation (NASDAQ:CCB – Get Free Report) reached a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $57.04 and last traded at $54.03, with a volume of 3145 shares trading hands. The stock had previously closed at $70.66.
The company reported ($2.76) EPS for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The company had revenue of $60.37 million during the quarter, compared to analysts’ expectations of $148.50 million.
Analyst Ratings Changes
A number of analysts have issued reports on CCB shares. TD Cowen reduced their price objective on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. Stephens reissued an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.60.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after buying an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Coastal Financial during the fourth quarter worth approximately $50,000. Smartleaf Asset Management LLC raised its stake in shares of Coastal Financial by 20,700.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after acquiring an additional 621 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after purchasing an additional 1,059 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.
Coastal Financial Price Performance
The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The firm has a fifty day simple moving average of $74.10 and a 200 day simple moving average of $80.77. The company has a market capitalization of $702.57 million, a PE ratio of 14.69 and a beta of 0.72.
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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