Coastal Financial (NASDAQ:CCB) Upgraded 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 note published on Saturday.

Several other equities analysts have also recently issued reports on the stock. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. Zacks Research downgraded shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Weiss Ratings downgraded shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, February 2nd. Finally, Hovde Group dropped their target price 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. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Trading Down 2.3%

Shares of CCB stock opened at $76.70 on Friday. The company has a market capitalization of $1.17 billion, a P/E ratio of 25.23 and a beta of 0.87. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $96.63 and its two-hundred day moving average is $105.47. Coastal Financial has a twelve month low of $70.72 and a twelve month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.34). Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%.The company had revenue of $56.49 million for the quarter, compared to analysts’ expectations of $140.81 million. Equities analysts forecast that Coastal Financial will post 4.59 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction 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. The trade was a 10.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction dated 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 owned 159,126 shares in the company, valued at $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 56,185 shares of company stock worth $6,479,567. 14.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds have recently added to or reduced their stakes in CCB. EverSource Wealth Advisors LLC raised its position in Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after acquiring an additional 169 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Coastal Financial in the fourth quarter valued at approximately $50,000. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial in the third quarter valued at approximately $64,000. Smartleaf Asset Management LLC increased its stake in shares of Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.