Coastal Financial (NASDAQ:CCB) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Coastal Financial (NASDAQ:CCB) from "sell" to "hold," while the wider analyst consensus stays a Buy with an average target price of $133.60 (2 Strong Buy, 2 Buy, 2 Hold).
• The company reported notably weak quarterly results—EPS $0.82 vs. $1.16 expected and revenue $56.49M vs. $140.81M expected—and insiders (including the CEO and CFO) sold shares during the quarter.

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

Several other analysts have also commented on CCB. Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an "outperform" rating for the company in a report on Monday, February 2nd. Weiss Ratings lowered shares of Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 2nd. Zacks Research upgraded shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. TD Cowen upgraded shares of Coastal Financial to a "strong-buy" rating in a report on Monday, April 13th. Finally, Hovde Group lowered their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $133.60.

Coastal Financial Stock Performance

Shares of CCB opened at $83.29 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.04. Coastal Financial has a one year low of $70.72 and a one year high of $120.05. The company has a 50-day simple moving average of $79.45 and a two-hundred day simple moving average of $98.56. The firm has a market capitalization of $1.27 billion, a PE ratio of 27.40 and a beta of 0.87.

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

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 8,402 shares of Coastal Financial stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total transaction of $960,096.54. Following the completion of the transaction, the chief executive officer directly owned 163,126 shares in the company, valued at approximately $18,640,408.02. This trade represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total transaction of $144,742.00. Following the transaction, the chief financial officer owned 11,462 shares of the company's stock, valued at $1,276,179.08. The trade was a 10.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,702 shares of company stock valued at $1,568,879 over the last quarter. Company insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Coastal Financial by 2.4% during 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 last quarter. Azora Capital LP raised its holdings in 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 last quarter. American Century Companies Inc. raised its holdings in 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 last quarter. Wellington Management Group LLP raised its holdings in 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 last quarter. Finally, Loomis Sayles & Co. L P raised its holdings in 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 last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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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