Coastal Financial (NASDAQ:CCB) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Coastal Financial (NASDAQ:CCB) from a "strong sell" to a "hold," though analyst views remain mixed with an average rating of Moderate Buy and an average target price of $133.60.
• Earnings miss: the company reported $0.82 EPS for the quarter versus $1.16 expected and revenue of $56.49M versus a $140.81M consensus, while analysts still forecast about 4.59 EPS for the year.
• Insider and institutional activity: insiders (including the CEO and CFO) sold 25,058 shares worth roughly $2.89M over the past three months, insiders own 14.10% of the stock, and institutional investors hold about 59.24%.

Coastal Financial (NASDAQ:CCB - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

CCB has been the topic of several other research reports. Weiss Ratings lowered Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 2nd. Wall Street Zen lowered Coastal Financial from a "hold" rating to a "sell" rating in a research report on Saturday. 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 report on Monday, February 2nd. Finally, Hovde Group dropped their price target 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Coastal Financial currently has an average rating of "Moderate Buy" and an average target price of $133.60.

Coastal Financial Trading Up 0.9%

NASDAQ CCB opened at $79.41 on Monday. The business's 50-day moving average price is $81.19 and its two-hundred day moving average price is $100.19. Coastal Financial has a 12 month low of $70.72 and a 12 month high of $120.05. The firm has a market capitalization of $1.21 billion, a PE ratio of 26.12 and a beta of 0.87. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

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

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the completion of the sale, the chief executive officer directly owned 159,126 shares of the company's stock, valued at $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares of the company's stock, valued at approximately $1,276,179.08. This trade represents a 10.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 25,058 shares of company stock valued at $2,885,654. Company insiders own 14.10% of the company's stock.

Institutional Trading of Coastal Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised 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 worth $89,865,000 after purchasing an additional 18,193 shares during the last quarter. Azora Capital LP raised its stake in shares of Coastal Financial by 26.4% in the second quarter. Azora Capital LP now owns 751,098 shares of the company's stock worth $72,759,000 after purchasing an additional 156,956 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Coastal Financial by 5.9% in the third quarter. American Century Companies Inc. now owns 510,549 shares of the company's stock worth $55,226,000 after purchasing an additional 28,616 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Coastal Financial by 9.0% in the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company's stock worth $52,592,000 after purchasing an additional 39,984 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in shares of Coastal Financial by 43.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company's stock valued at $37,841,000 after acquiring an additional 100,661 shares in the last quarter. 59.24% of the stock is 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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