Coastal Financial (NASDAQ:CCB) Rating Increased to Hold at Wall Street Zen

Coastal Financial (NASDAQ:CCB) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Several other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, February 2nd. Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Hovde Group dropped their price target on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Finally, UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Trading Down 0.8%

CCB stock opened at $78.54 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05. The company’s 50-day simple moving average is $97.44 and its 200 day simple moving average is $105.64. The company has a market capitalization of $1.19 billion, a PE ratio of 25.84 and a beta of 0.86.

Coastal Financial (NASDAQ:CCB) last announced 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 10.01%. The firm had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. As a group, sell-side analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 8,778 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the sale, the chief executive officer directly owned 193,884 shares in the company, valued at $22,286,965.80. This represents a 4.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $114.00, for a total value of $342,000.00. Following the transaction, the director owned 16,000 shares in the company, valued at approximately $1,824,000. This represents a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 60,685 shares of company stock worth $6,994,817. 14.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently added to or reduced their stakes in CCB. JPMorgan Chase & Co. increased its holdings in Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after buying an additional 149 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Coastal Financial by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 2,360 shares of the company’s stock worth $270,000 after buying an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC lifted 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 valued at $34,000 after purchasing an additional 169 shares in the last quarter. Swiss National Bank lifted its holdings in Coastal Financial by 0.8% during the third quarter. Swiss National Bank now owns 26,165 shares of the company’s stock valued at $2,830,000 after purchasing an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Coastal Financial by 0.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company’s stock worth $12,117,000 after purchasing an additional 293 shares during the period. 59.24% of the stock is owned by 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.