Coastal Financial (NASDAQ:CCB) Stock Rating Upgraded by Zacks Research

Coastal Financial (NASDAQ:CCB) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods decreased their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Monday, February 2nd. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Wall Street Zen cut shares of Coastal Financial from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Hovde Group cut their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $133.60.

Coastal Financial Price Performance

Coastal Financial stock traded up $3.19 during mid-day trading on Monday, reaching $82.60. 13,676 shares of the company’s stock traded hands, compared to its average volume of 165,752. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 27.17 and a beta of 0.87. The stock has a 50 day moving average of $81.19 and a two-hundred day moving average of $100.19. 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 12-month low of $70.72 and a 12-month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results 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 analysts’ expectations of $140.81 million. Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. Equities analysts forecast that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Buying and Selling at Coastal Financial

In other news, 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 completion of the sale, the chief financial officer directly owned 11,462 shares in the company, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the completion of the transaction, the chief executive officer directly owned 159,126 shares in the company, valued at $18,460,207.26. This represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 25,058 shares of company stock valued at $2,885,654. Corporate insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CCB. EverSource Wealth Advisors LLC increased its stake in Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Coastal Financial in the 4th quarter worth about $50,000. State of Alaska Department of Revenue purchased a new position in Coastal Financial in the 3rd quarter worth about $64,000. Smartleaf Asset Management LLC increased its stake in Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after buying an additional 621 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Coastal Financial by 229.5% in the 2nd 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 period. Hedge funds and other 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.