Coastal Financial (NASDAQ:CCB) Price Target Cut to $120.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on Coastal Financial from $145 to $120 but maintained a "buy" rating, a level that implies about a 58.9% upside from the current share price.
• CCB shares trade around $75.54 (near a 52-week low of $70.72) after the company reported Q results of $0.78 EPS and $56.3M revenue, both of which missed analyst expectations.
• Analyst coverage is mixed but the consensus is a Moderate Buy, with an average price target of $133.25 and three Buy versus two Hold ratings.

Coastal Financial (NASDAQ:CCB - Get Free Report) had its price target decreased by equities researchers at TD Cowen from $145.00 to $120.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. TD Cowen's price target would suggest a potential upside of 58.87% from the stock's current price.

A number of other research firms have also recently commented on CCB. Keefe, Bruyette & Woods cut their target price on Coastal Financial from $135.00 to $125.00 and set an "outperform" rating on the stock in a research note on Monday, February 2nd. Weiss Ratings cut Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, March 2nd. Hovde Group cut their target price on Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, January 30th. Zacks Research raised Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, April 6th. Finally, Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $133.25.

Coastal Financial Trading Down 0.2%

CCB stock traded down $0.18 during midday trading on Thursday, reaching $75.54. 137,176 shares of the company traded hands, compared to its average volume of 166,332. 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 business has a 50 day moving average of $78.94 and a 200-day moving average of $96.98. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 24.88 and a beta of 0.87.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.25). Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. The company had revenue of $56.30 million for the quarter, compared to analysts' expectations of $138.43 million. As a group, sell-side analysts expect that Coastal Financial will post 5.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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