Coastal Financial (NASDAQ:CCB) Rating Lowered to Sell at Wall Street Zen

Coastal Financial (NASDAQ:CCB) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other research analysts have also issued reports on the company. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, March 2nd. Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. Hovde Group lowered their price objective 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. Finally, TD Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Coastal Financial has a consensus rating of “Moderate Buy” and an average target price of $133.60.

Coastal Financial Price Performance

Coastal Financial stock opened at $77.66 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial has a 52-week low of $70.72 and a 52-week high of $120.05. The firm has a market cap of $1.18 billion, a PE ratio of 25.55 and a beta of 0.87. The company’s 50 day moving average is $82.31 and its two-hundred day moving average is $100.69.

Coastal Financial (NASDAQ:CCB) 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). Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%.The business had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million. On average, research analysts expect that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In related news, CEO Eric M. Sprink sold 8,402 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total value 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. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $111.34, for a total transaction of $144,742.00. Following the sale, the chief financial officer owned 11,462 shares in the company, valued at $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 36,058 shares of company stock valued at $4,169,254. Company insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after buying an additional 977 shares during the period. Goldman Sachs Group Inc. lifted its stake in Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after buying an additional 22,725 shares during the last quarter. Empowered Funds LLC lifted its stake in Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after buying an additional 848 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after acquiring an additional 1,048 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.