Coastal Financial (NASDAQ:CCB) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Coastal Financial from “hold” to “strong sell,” although the broader analyst consensus remains “Moderate Buy” with a $91.33 price target.
• Coastal Financial shares opened at $44.15, well below their 12-month high of $120.05. The stock also trades below its 50-day and 200-day moving averages.
• The company reported a significant quarterly earnings miss, posting a loss of $2.76 per share versus expectations for earnings of $1.01, while revenue of $60.37 million fell short of the $148.50 million estimate.

Coastal Financial (NASDAQ:CCB - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coastal Financial in a research report on Monday, June 29th. Raymond James Financial lowered shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 price objective for the company. in a research report on Friday, July 31st. Wall Street Zen raised shares of Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Stephens reissued an "overweight" rating and issued a $110.00 target price on shares of Coastal Financial in a research note on Friday, May 1st. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.33.

Coastal Financial Stock Performance

Shares of NASDAQ:CCB opened at $44.15 on Tuesday. The business has a 50-day moving average of $71.31 and a two-hundred day moving average of $78.28. The firm has a market capitalization of $673.24 million, a PE ratio of -157.67 and a beta of 0.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. Coastal Financial has a 12 month low of $36.61 and a 12 month high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The firm had revenue of $60.37 million during the quarter, compared to analyst estimates of $148.50 million. As a group, research analysts forecast that Coastal Financial will post 1.26 earnings per share for the current year.

Institutional Trading of Coastal Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CCB. Cooper Creek Partners Management LLC increased its stake in Coastal Financial by 105.0% during the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock valued at $34,255,000 after purchasing an additional 230,537 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Coastal Financial by 364.1% in 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 valued at $18,255,000 after buying an additional 132,403 shares during the period. UBS Group AG grew its position in shares of Coastal Financial by 158.7% during the 3rd quarter. UBS Group AG now owns 166,185 shares of the company's stock valued at $17,976,000 after buying an additional 101,935 shares during the last quarter. Next Century Growth Investors LLC grew its position in shares of Coastal Financial by 130.0% during the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company's stock valued at $20,423,000 after buying an additional 100,731 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in Coastal Financial by 43.8% during the fourth 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. 59.24% of the stock is owned by 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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