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

Shares of Coastal Financial Corporation (NASDAQ:CCB) have earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $128.00.

A number of equities research analysts have issued reports on the stock. Hovde Group reduced their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Finally, Zacks Research downgraded Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd.

Coastal Financial Trading Down 0.4%

CCB opened at $83.65 on Friday. The company has a fifty day moving average price of $105.21 and a two-hundred day moving average price of $107.41. Coastal Financial has a 1-year low of $76.11 and a 1-year high of $120.05. The company has a market cap of $1.26 billion, a P/E ratio of 27.52 and a beta of 0.87. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data 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 net margin of 7.11% and a return on equity of 10.16%. The firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Analysts predict that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 8,778 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the transaction, the chief executive officer owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven D. Hovde sold 3,000 shares of the company’s 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 owned 11,500 shares in the company, valued at $1,348,375. This represents a 20.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 63,296 shares of company stock valued at $7,287,745 over the last ninety days. Corporate insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds have recently made changes to their positions in CCB. Mendon Capital Advisors Corp grew its holdings in shares of Coastal Financial by 1.0% during the 4th quarter. Mendon Capital Advisors Corp now owns 30,000 shares of the company’s stock valued at $3,438,000 after purchasing an additional 300 shares during the last quarter. XTX Topco Ltd purchased a new stake in Coastal Financial during the fourth quarter valued at about $451,000. Numerai GP LLC purchased a new stake in Coastal Financial during the fourth quarter valued at about $978,000. Balyasny Asset Management L.P. grew its stake in shares of Coastal Financial by 16.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,567 shares of the company’s stock valued at $294,000 after buying an additional 357 shares during the last quarter. Finally, Azora Capital LP increased its holdings in shares of Coastal Financial by 4.6% in the fourth quarter. Azora Capital LP now owns 618,244 shares of the company’s stock worth $70,845,000 after buying an additional 27,224 shares during the period. 59.24% of the stock is currently owned by 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.