Coastal Financial (NASDAQ:CCB) Price Target Lowered to $95.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Coastal Financial's price target to $95 from $115 while maintaining an "outperform" rating, implying roughly a 27% upside from the prior close.
• Coastal Financial reported an earnings and revenue miss for the quarter, with EPS of $0.78 versus $1.02 expected and revenue of $56.3M versus a $138.6M consensus.
• Despite the miss, the sell-side consensus is a Moderate Buy with a consensus target of $122.60, and institutional investors own about 59% of the company’s shares.

Coastal Financial (NASDAQ:CCB - Get Free Report) had its price target decreased by research analysts at Keefe, Bruyette & Woods from $115.00 to $95.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 27.04% from the company's previous close.

CCB has been the topic of several other reports. Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, April 18th. Stephens reiterated an "overweight" rating and issued a $110.00 price target on shares of Coastal Financial in a research note on Friday. TD Cowen decreased their price objective on shares of Coastal Financial from $145.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday. Weiss Ratings downgraded Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 2nd. Finally, Zacks Research raised shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.60.

Coastal Financial Trading Down 1.1%

NASDAQ:CCB traded down $0.84 during mid-day trading on Friday, reaching $74.78. 36,224 shares of the company's stock traded hands, compared to its average volume of 165,597. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 23.44 and a beta of 0.87. Coastal Financial has a 12-month low of $70.72 and a 12-month high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. The company has a 50 day moving average price of $78.77 and a 200-day moving average price of $96.83.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.35%. On average, sell-side analysts predict that Coastal Financial will post 5.47 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Coastal Financial by 2.4% in the fourth 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 during the period. Azora Capital LP increased its holdings in shares of Coastal Financial by 4.6% in the 4th quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after acquiring an additional 27,224 shares during the period. American Century Companies Inc. increased its holdings in shares of Coastal Financial by 5.9% in the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company's stock worth $55,226,000 after acquiring an additional 28,616 shares during the period. Wellington Management Group LLP increased its holdings in shares of Coastal Financial by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company's stock worth $52,592,000 after acquiring an additional 39,984 shares during the period. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Coastal Financial by 43.8% in the 4th 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 during the period. Institutional investors and hedge funds own 59.24% of the company's stock.

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.

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