Coastal Financial (NASDAQ:CCB) Upgraded to Hold at Zacks Research

Coastal Financial (NASDAQ:CCB) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages also recently issued reports on CCB. Keefe, Bruyette & Woods reduced their price objective on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. TD Cowen dropped their target price on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a report on Monday. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Stephens reissued an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $122.60.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $79.84 on Tuesday. The company has a 50-day simple moving average of $73.47 and a two-hundred day simple moving average of $86.28. Coastal Financial has a twelve month low of $66.50 and a twelve month high of $120.05. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 25.03 and a beta of 0.72. The company has a quick ratio of 1.03, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The business had revenue of $56.30 million for the quarter, compared to the consensus estimate of $138.63 million. Analysts forecast that Coastal Financial will post 4.56 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CCB. EverSource Wealth Advisors LLC lifted its holdings in shares of Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after acquiring an additional 169 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Coastal Financial during the 4th quarter valued at approximately $50,000. Smartleaf Asset Management LLC grew its holdings in shares of Coastal Financial by 20,700.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after purchasing an additional 621 shares during the last quarter. Russell Investments Group Ltd. increased its position in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after purchasing an additional 1,059 shares in the last quarter. Institutional investors and hedge funds 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.