Coastal Financial (NASDAQ:CCB) Rating Lowered to Strong Sell at Zacks Research

Coastal Financial (NASDAQ:CCB) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts have also commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. TD Cowen cut their target price on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Stephens reissued an “overweight” rating and set a $110.00 target price on shares of Coastal Financial in a research note on Friday, May 1st. Hovde Group cut their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Finally, Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Coastal Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Stock Performance

NASDAQ CCB traded up $0.01 on Tuesday, hitting $74.96. The stock had a trading volume of 11,678 shares, compared to its average volume of 165,812. Coastal Financial has a one year low of $70.72 and a one year high of $120.05. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 23.46 and a beta of 0.76. The company’s 50-day moving average is $78.58 and its two-hundred day moving average is $96.28.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). The company had revenue of $56.30 million during the quarter, compared to analyst estimates of $138.63 million. Coastal Financial had a return on equity of 10.35% and a net margin of 7.35%. On average, analysts expect that Coastal Financial will post 4.56 earnings per share for the current year.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Coastal Financial by 129.0% in 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 during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Coastal Financial in the fourth quarter valued at approximately $50,000. State of Alaska Department of Revenue bought a new position in Coastal Financial in the third quarter valued at approximately $64,000. Smartleaf Asset Management LLC raised its holdings in shares of Coastal Financial by 20,700.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after purchasing an additional 621 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the last quarter. Institutional investors and hedge funds 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.