Coastal Financial Corporation (NASDAQ:CCB) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Coastal Financial has a consensus “Hold” rating from seven brokerages, with five buys and two sells. The average 12-month price target is $91.33, though recent analysts have significantly lowered targets and some issued sell or strong-sell ratings.
• The stock opened at $52.47, down substantially from its 52-week high of $120.05, despite trading 3.6% higher. The company reported a quarterly loss of $2.76 per share, missing the $1.01 consensus estimate, although revenue of $178.07 million exceeded forecasts.
• Insiders bought 25,290 shares worth approximately $1.12 million during the last quarter, including 10,000-share purchases by the CEO and a director. Institutional investors own 59.24% of Coastal Financial.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) has been assigned an average recommendation of "Hold" from the seven brokerages that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $91.3333.

Several equities analysts have weighed in on CCB shares. Weiss Ratings downgraded shares of Coastal Financial from a "hold (c)" rating to a "sell (d)" rating in a report on Tuesday. Stephens reaffirmed an "overweight" rating and issued a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Raymond James Financial lowered shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 price target on the stock. in a research report on Friday, July 31st. Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Finally, Zacks Research downgraded Coastal Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th.

Coastal Financial Trading Up 3.6%

Shares of CCB stock opened at $52.47 on Friday. Coastal Financial has a fifty-two week low of $36.61 and a fifty-two week high of $120.05. The stock has a market cap of $802.27 million, a P/E ratio of -187.39 and a beta of 0.76. The business has a fifty day simple moving average of $68.31 and a 200-day simple moving average of $75.39. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.80% and a negative net margin of 0.53%.The firm had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. On average, analysts forecast that Coastal Financial will post 1.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven D. Hovde purchased 10,000 shares of the company's stock in a transaction on Thursday, August 6th. The stock was bought at an average price of $43.83 per share, with a total value of $438,300.00. Following the completion of the transaction, the director owned 26,500 shares of the company's stock, valued at approximately $1,161,495. This represents a 60.61% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric M. Sprink purchased 10,000 shares of the company's stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $44.45 per share, with a total value of $444,500.00. Following the transaction, the chief executive officer directly owned 173,238 shares of the company's stock, valued at $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. In the last quarter, insiders have acquired 25,290 shares of company stock worth $1,115,894. 13.49% of the stock is owned by insiders.

Institutional Trading of Coastal Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Coastal Financial by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company's stock valued at $89,865,000 after purchasing an additional 18,193 shares in the last quarter. Azora Capital LP boosted its stake in shares of Coastal Financial by 4.6% during the 4th quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after purchasing an additional 27,224 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Coastal Financial by 9.0% during the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company's stock worth $52,592,000 after buying an additional 39,984 shares in the last quarter. Cooper Creek Partners Management LLC grew its holdings in shares of Coastal Financial by 105.0% during the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock worth $34,255,000 after buying an additional 230,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Coastal Financial by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock worth $27,361,000 after buying an additional 25,424 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source