Coastal Financial (NASDAQ:CCB) Stock Price Up 6.5% – Still a Buy?

Coastal Financial Corporation (NASDAQ:CCB)’s share price traded up 6.5% during mid-day trading on Tuesday . The stock traded as high as $51.06 and last traded at $51.7550. 111,160 shares were traded during mid-day trading, a decline of 40% from the average session volume of 185,029 shares. The stock had previously closed at $48.61.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CCB shares. Weiss Ratings lowered shares of Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research report on Tuesday. Stephens reiterated an “overweight” rating and issued a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods reduced their price objective on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Finally, Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $91.33.

Coastal Financial Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The firm has a market cap of $754.10 million, a P/E ratio of -176.14 and a beta of 0.76. The firm’s fifty day moving average price is $69.06 and its 200 day moving average price is $75.98.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The business had revenue of $178.07 million for the quarter, compared to the consensus estimate of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. Sell-side analysts expect that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In related news, Director Steven D. Hovde purchased 10,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the acquisition, the director owned 26,500 shares of the company’s stock, valued at $1,161,495. The trade was a 60.61% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink purchased 10,000 shares of Coastal Financial stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $44.45 per share, with a total value of $444,500.00. Following the completion of the transaction, the chief executive officer owned 173,238 shares in the company, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 25,290 shares of company stock worth $1,115,894 in the last ninety days. Insiders own 13.49% of the company’s stock.

Institutional Trading of Coastal Financial

A number of institutional investors have recently modified their holdings of the company. Cooper Creek Partners Management LLC lifted its holdings in shares of Coastal Financial by 105.0% during the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock valued at $34,255,000 after purchasing an additional 230,537 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Coastal Financial by 364.1% during 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 buying an additional 132,403 shares in the last quarter. UBS Group AG raised its stake in Coastal Financial by 158.7% in the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock valued at $17,976,000 after buying an additional 101,935 shares during the last quarter. Next Century Growth Investors LLC boosted its holdings in Coastal Financial by 130.0% in the fourth quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock worth $20,423,000 after acquiring an additional 100,731 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its holdings in Coastal Financial by 43.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock worth $37,841,000 after acquiring an additional 100,661 shares in the last quarter. 59.24% of the stock is currently owned by 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.