Wall Street Zen Upgrades Coastal Financial (NASDAQ:CCB) to Hold
by Kim Johansen · The Markets DailyCoastal Financial (NASDAQ:CCB – Get Free Report) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
Several other analysts have also recently commented on the stock. Hovde Group decreased 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. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. TD Cowen upgraded shares of Coastal Financial to a “strong-buy” rating in a report on Monday, April 13th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Keefe, Bruyette & Woods cut their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $133.60.
View Our Latest Research Report on CCB
Coastal Financial Stock Performance
CCB stock opened at $83.29 on Friday. 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 stock has a market cap of $1.27 billion, a P/E ratio of 27.40 and a beta of 0.87. The firm has a 50 day simple moving average of $79.45 and a 200 day simple moving average of $98.41. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05.
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). The company had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. Research analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.
Insider Transactions at Coastal Financial
In other news, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This trade represents a 10.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the sale, the chief executive officer directly owned 159,126 shares of the company’s stock, valued at $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,702 shares of company stock valued at $1,568,879 over the last ninety days. Company insiders own 14.10% of the company’s stock.
Institutional Investors Weigh In On Coastal Financial
A number of hedge funds and other institutional investors have recently made changes to their positions in CCB. Vanguard Group Inc. raised its stake in shares of Coastal Financial by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company’s stock valued at $89,865,000 after acquiring an additional 18,193 shares in the last quarter. Azora Capital LP raised its stake in shares of Coastal Financial by 4.6% in the 4th quarter. Azora Capital LP now owns 618,244 shares of the company’s stock valued at $70,845,000 after acquiring an additional 27,224 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Coastal Financial by 5.9% in the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after acquiring an additional 28,616 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Coastal Financial by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after acquiring an additional 39,984 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in shares of Coastal Financial by 43.8% in the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock valued at $37,841,000 after acquiring an additional 100,661 shares in the last quarter. 59.24% of the stock is 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.