Coastal Financial (NASDAQ:CCB) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Coastal Financial to a "sell", joining mixed analyst actions this quarter as several firms cut price targets (Keefe Bruyette & Woods, Hovde, TD Cowen) while consensus remains a "Moderate Buy" with a $122.60 average price target.
• Coastal Financial posted a sharp earnings miss last quarter with EPS $0.78 vs. $1.02 expected and revenue $56.3M vs. $138.6M consensus, while the stock trades around $76.39 (50-day MA $78.77, 200-day MA $96.83) and has a market cap of $1.16 billion.
• Institutional investors are active: several hedge funds and firms (including Ranger, UBS and Next Century Growth) recently added or raised stakes, and institutions now own 59.24% of the company.

Coastal Financial (NASDAQ:CCB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Several other research analysts have also issued reports on the company. Keefe, Bruyette & Woods reduced their price target on Coastal Financial from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday. Hovde Group reduced their price target on Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, January 30th. TD Cowen reduced their price target on Coastal Financial from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday. Weiss Ratings lowered Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 2nd. Finally, Zacks Research upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, April 6th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Coastal Financial has an average rating of "Moderate Buy" and a consensus price target of $122.60.

Coastal Financial Stock Up 1.0%

NASDAQ:CCB opened at $76.39 on Friday. The stock's fifty day moving average price is $78.77 and its two-hundred day moving average price is $96.83. Coastal Financial has a 52-week low of $70.72 and a 52-week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 23.95 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.35% and a net margin of 7.35%.The company had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. On average, analysts anticipate that Coastal Financial will post 5.47 EPS for the current year.

Institutional Trading of Coastal Financial

Several hedge funds have recently added to or reduced their stakes in CCB. Ranger Investment Management L.P. acquired a new stake in Coastal Financial during the 3rd quarter worth $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 worth $18,255,000 after buying an additional 132,403 shares during the period. D.A. Davidson & CO. acquired a new stake in Coastal Financial during the 3rd quarter worth $13,580,000. UBS Group AG raised its stake in Coastal Financial by 158.7% during the 3rd quarter. UBS Group AG now owns 166,185 shares of the company's stock worth $17,976,000 after buying an additional 101,935 shares during the period. Finally, Next Century Growth Investors LLC raised its stake in Coastal Financial by 130.0% during the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company's stock worth $20,423,000 after buying an additional 100,731 shares during the period. 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.

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