Coastal Financial (NASDAQ:CCB) Lowered to “Strong Sell” Rating by Zacks Research

by · The Markets Daily

Zacks Research lowered shares of Coastal Financial (NASDAQ:CCB – Free Report) from a hold rating to a strong sell rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently commented on CCB. Stephens restated an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a research report on Friday, May 1st. TD Cowen lowered their price objective on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Raymond James Financial cut Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 target price for the company. in a research note on Friday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. Finally, Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Coastal Financial has an average rating of “Moderate Buy” and an average target price of $91.33.

View Our Latest Stock Analysis on CCB

Coastal Financial Stock Up 0.2%

Coastal Financial stock opened at $44.15 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. The company’s 50-day moving average is $71.31 and its 200-day moving average is $78.28. The firm has a market capitalization of $673.24 million, a PE ratio of -157.67 and a beta of 0.76. Coastal Financial has a fifty-two week low of $36.61 and a fifty-two week high of $120.05.

Coastal Financial (NASDAQ:CCB – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%.The business had revenue of $60.37 million for the quarter, compared to analyst estimates of $148.50 million. Sell-side analysts anticipate that Coastal Financial will post 1.26 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently bought and sold shares of CCB. First Bank & Trust grew its holdings in shares of Coastal Financial by 5.5% during the second quarter. First Bank & Trust now owns 12,012 shares of the company’s stock worth $931,000 after purchasing an additional 630 shares during the last quarter. Bank of America Corp DE increased its position in Coastal Financial by 71.2% in the 1st quarter. Bank of America Corp DE now owns 86,657 shares of the company’s stock valued at $6,595,000 after acquiring an additional 36,045 shares during the period. The Manufacturers Life Insurance Company increased its position in Coastal Financial by 1.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 337,819 shares of the company’s stock valued at $25,708,000 after acquiring an additional 4,611 shares during the period. Quantinno Capital Management LP raised its stake in shares of Coastal Financial by 1,026.9% during the first quarter. Quantinno Capital Management LP now owns 25,377 shares of the company’s stock valued at $1,931,000 after acquiring an additional 23,125 shares during the last quarter. Finally, Mendon Capital Advisors Corp lifted its holdings in shares of Coastal Financial by 86.7% during the first quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company’s stock worth $4,262,000 after purchasing an additional 26,000 shares during the period. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Company Profile

(Get Free Report)

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.

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