Coastal Financial (NASDAQ:CCB) Cut to Sell at Wall Street Zen
by Mitch Edgeman · The Markets DailyWall Street Zen cut shares of Coastal Financial (NASDAQ:CCB – Free Report) from a hold rating to a sell rating in a report published on Saturday morning.
CCB has been the subject of several other research reports. Hovde Group reduced their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Keefe, Bruyette & Woods reduced 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. TD Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Finally, UBS Group set a $155.00 price target on shares of Coastal Financial in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $133.60.
Get Our Latest Analysis on CCB
Coastal Financial Trading Up 1.3%
NASDAQ:CCB opened at $78.70 on Friday. Coastal Financial has a one year low of $70.72 and a one year high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a market cap of $1.20 billion, a P/E ratio of 25.89 and a beta of 0.87. The firm has a 50-day simple moving average of $81.69 and a 200-day simple moving average of $100.44.
Coastal Financial (NASDAQ:CCB – Get Free Report) last posted 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 net margin of 7.11% and a return on equity of 10.01%. The business had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. Equities analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.
Insider Activity at Coastal Financial
In related news, CFO Joel G. Edwards sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were 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 in the company, valued at $1,276,179.08. The trade was a 10.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric M. Sprink sold 8,402 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total transaction of $960,096.54. Following the transaction, the chief executive officer owned 163,126 shares of the company’s stock, valued at approximately $18,640,408.02. This trade represents a 4.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 28,058 shares of company stock valued at $3,238,454. 14.10% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of CCB. EverSource Wealth Advisors LLC increased its stake 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 purchasing an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Coastal Financial during the 4th quarter valued at approximately $50,000. State of Alaska Department of Revenue acquired a new position in Coastal Financial during the 3rd quarter valued at approximately $64,000. Smartleaf Asset Management LLC increased its stake in Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after purchasing an additional 621 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.
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.