Coastal Financial (NASDAQ:CCB) Upgraded by TD Cowen to “Strong-Buy” Rating

Coastal Financial (NASDAQ:CCB) was upgraded by analysts at TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts have also issued reports about the stock. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Wall Street Zen lowered shares of Coastal Financial from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Weiss Ratings lowered shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Finally, Hovde Group lowered their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $133.60.

Coastal Financial Stock Down 0.4%

NASDAQ:CCB opened at $82.04 on Monday. Coastal Financial has a 1-year low of $70.72 and a 1-year high of $120.05. The company has a 50-day moving average of $79.70 and a 200 day moving average of $99.01. The firm has a market cap of $1.25 billion, a PE ratio of 26.99 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $140.81 million. As a group, research analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total transaction of $464,040.00. Following the completion of the sale, the chief executive officer directly owned 159,126 shares of the company’s stock, valued at approximately $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 21,058 shares of company stock valued at $2,410,134. Insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lisanti Capital Growth LLC purchased a new position in shares of Coastal Financial in the 3rd quarter valued at approximately $3,533,000. D.A. Davidson & CO. purchased a new position in shares of Coastal Financial in the 3rd quarter valued at approximately $13,580,000. Ranger Investment Management L.P. purchased a new position in shares of Coastal Financial in the 3rd quarter valued at approximately $16,895,000. American Century Companies Inc. raised its position in shares of Coastal Financial by 5.9% in the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after purchasing an additional 28,616 shares during the last quarter. Finally, Phocas Financial Corp. purchased a new position in shares of Coastal Financial in the 4th quarter valued at approximately $3,948,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.