Coastal Financial Corporation (NASDAQ:CCB) Receives $91.33 Consensus Target Price from Brokerages

Coastal Financial Corporation (NASDAQ:CCB) has received an average rating of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $91.3333.

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. Weiss Ratings lowered Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. TD Cowen dropped their target price on Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Raymond James Financial lowered shares of Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price target for the company. in a research report on Friday, July 31st.

Coastal Financial Stock Down 1.2%

Shares of Coastal Financial stock opened at $47.46 on Thursday. Coastal Financial has a 12-month low of $36.61 and a 12-month high of $120.05. The firm has a market capitalization of $725.66 million, a PE ratio of -169.49 and a beta of 0.78. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $57.87 and its 200-day moving average is $69.42.

Coastal Financial (NASDAQ:CCB) last issued 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 0.80% and a negative net margin of 0.53%.The company had revenue of $178.07 million during the quarter, compared to analysts’ expectations of $148.50 million. Equities analysts anticipate that Coastal Financial will post 1.26 earnings per share for the current year.

Insider Activity at Coastal Financial

In related news, CEO Eric M. Sprink bought 10,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $44.45 per share, with a total value of $444,500.00. Following the purchase, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven D. Hovde purchased 10,000 shares of the stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $43.83 per share, for a total transaction of $438,300.00. Following the completion of the acquisition, the director owned 26,500 shares in the company, valued at $1,161,495. This represents a 60.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 25,290 shares of company stock worth $1,115,894. Company insiders own 13.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew 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 buying an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Coastal Financial in the fourth quarter worth $50,000. Smartleaf Asset Management LLC boosted its holdings in Coastal Financial by 20,700.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares in the last quarter. Russell Investments Group Ltd. increased its position in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Company Profile

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.