Coastal Financial Corporation (NASDAQ:CCB) Given Consensus Recommendation of “Buy” by Brokerages

Coastal Financial Corporation (NASDAQ:CCB) has been assigned a consensus rating of “Buy” from the seven analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $125.1667.

Several analysts recently weighed in on the company. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Finally, UBS Group set a $155.00 price target on shares of Coastal Financial in a report on Friday, December 5th.

Coastal Financial Price Performance

CCB stock opened at $104.58 on Wednesday. The company’s 50-day moving average price is $112.95 and its two-hundred day moving average price is $108.76. The firm has a market cap of $1.58 billion, a P/E ratio of 33.10 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial has a 12 month low of $76.11 and a 12 month high of $120.05.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The firm had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. On average, analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coastal Financial news, Director Steven D. Hovde sold 3,000 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the transaction, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. This trade represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $114.95, for a total value of $1,009,031.10. Following the sale, the chief executive officer owned 193,884 shares in the company, valued at approximately $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,996 shares of company stock valued at $7,143,003 over the last quarter. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after purchasing an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after buying an additional 977 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after buying an additional 22,725 shares during the period. Empowered Funds LLC raised its position in shares of Coastal Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after acquiring an additional 848 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 worth $2,393,000 after acquiring 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.