Coastal Financial Corporation (NASDAQ:CCB) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Moderate Buy consensus from six analysts (2 hold, 3 buy, 1 strong buy) with an average 12‑month price target of $133.60, implying substantial upside versus the recent ~$82 share price.
• Coastal Financial sharply missed its quarterly estimates, reporting EPS of $0.82 versus $1.16 expected and revenue of $56.49M versus $140.81M, though analysts still project about 4.59 EPS for the year.
• Notable insider selling occurred recently — the CEO and CFO sold shares and insiders disposed of 21,058 shares worth $2.41M in the last 90 days, while institutional investors own roughly 59.24% of the stock.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the six brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $133.60.

Several analysts have issued reports on CCB shares. Keefe, Bruyette & Woods cut their price objective on Coastal Financial from $135.00 to $125.00 and set an "outperform" rating on the stock in a report on Monday, February 2nd. Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. Wall Street Zen downgraded Coastal Financial from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. Hovde Group cut their price objective on Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday, January 30th. Finally, Weiss Ratings downgraded Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 2nd.

Coastal Financial Price Performance

NASDAQ CCB opened at $82.10 on Monday. The stock's 50-day moving average price is $80.17 and its two-hundred day moving average price is $99.50. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.25 billion, a PE ratio of 27.01 and a beta of 0.87. Coastal Financial has a 1 year low of $70.72 and a 1 year high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.34). The company had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, analysts predict that Coastal Financial will post 4.59 EPS for the current year.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 8,402 shares of Coastal Financial stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $114.27, for a total transaction of $960,096.54. Following the transaction, the chief executive officer owned 163,126 shares of the company's stock, valued at $18,640,408.02. The trade was a 4.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the transaction, 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 position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 21,058 shares of company stock worth $2,410,134. Company insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in Coastal Financial by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock valued at $644,000 after acquiring an additional 149 shares in the last quarter. ProShare Advisors LLC grew its stake in Coastal Financial by 7.0% during the 4th quarter. ProShare Advisors LLC now owns 2,360 shares of the company's stock valued at $270,000 after acquiring an additional 155 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock valued at $34,000 after acquiring an additional 169 shares in the last quarter. Swiss National Bank grew its stake in shares of Coastal Financial by 0.8% in the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company's stock valued at $2,830,000 after buying an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Coastal Financial by 0.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company's stock valued at $12,117,000 after buying an additional 293 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.

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