Coastal Financial (NASDAQ:CCB) Upgraded to Hold at Zacks Research
by Mitch Edgeman · The Markets DailyZacks Research upgraded shares of Coastal Financial (NASDAQ:CCB – Free Report) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.
CCB has been the subject of several other research reports. Keefe, Bruyette & Woods dropped their target price 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. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Wall Street Zen cut Coastal Financial from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Hovde Group cut their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Coastal Financial presently has an average rating of “Moderate Buy” and an average price target of $133.60.
Get Our Latest Research Report on CCB
Coastal Financial Stock Performance
Shares of CCB stock traded up $3.14 during mid-day trading on Monday, reaching $82.55. 8,164 shares of the company’s stock traded hands, compared to its average volume of 165,719. Coastal Financial has a 12 month low of $70.72 and a 12 month high of $120.05. The firm has a 50 day moving average price of $81.19 and a two-hundred day moving average price of $100.19. 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 capitalization of $1.26 billion, a PE ratio of 27.23 and a beta of 0.87.
Coastal Financial (NASDAQ:CCB – Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). The business had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. On average, research analysts forecast that Coastal Financial will post 4.59 EPS for the current year.
Insider Activity
In other Coastal Financial news, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,276,179.08. This 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 the SEC website. Also, CEO Eric M. Sprink sold 8,402 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total transaction of $960,096.54. Following the transaction, the chief executive officer directly owned 163,126 shares of the company’s stock, valued at $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. Insiders have sold a total of 25,058 shares of company stock valued at $2,885,654 in the last three months. Insiders own 14.10% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in CCB. Azora Capital LP boosted its holdings in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after purchasing an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial during the 3rd quarter valued at about $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Coastal Financial by 364.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock valued at $18,255,000 after acquiring an additional 132,403 shares during the last quarter. D.A. Davidson & CO. bought a new position in shares of Coastal Financial in the 3rd quarter valued at about $13,580,000. Finally, UBS Group AG lifted its holdings in shares of Coastal Financial by 158.7% in the 3rd quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after acquiring an additional 101,935 shares during 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.