Coastal Financial (NASDAQ:CCB) Stock Rating Upgraded by Zacks Research

Key Points

• Coastal Financial's stock rating was upgraded by Zacks Research from "strong sell" to "hold," indicating improved sentiment among analysts.
• Analysts have varied price targets for Coastal Financial's stock, with an average target of $116.20 and one research analyst giving a "Strong Buy" rating.
• Insider trading activity included the sale of shares by both the CFO and CEO, indicating a recent 42.48% and 4.82% decrease in their stock holdings, respectively.

Coastal Financial (NASDAQ:CCB - Get Free Report) was upgraded by investment 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 subject of several other research reports. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. Finally, TD Cowen assumed coverage on shares of Coastal Financial in a report on Thursday, September 25th. They issued a "buy" rating and a $140.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $116.20.

Coastal Financial Stock Performance

Shares of NASDAQ:CCB opened at $108.08 on Monday. Coastal Financial has a 52 week low of $51.45 and a 52 week high of $119.22. The stock has a market capitalization of $1.63 billion, a P/E ratio of 33.26 and a beta of 1.05. The firm has a fifty day simple moving average of $107.55 and a two-hundred day simple moving average of $95.26. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). The business had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. On average, analysts expect that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.67, for a total value of $1,080,764.75. Following the completion of the sale, the chief financial officer directly owned 12,762 shares of the company's stock, valued at $1,463,418.54. The trade was a 42.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 10,683 shares of the business's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the completion of the sale, the chief executive officer directly owned 211,011 shares of the company's stock, valued at approximately $24,192,411.15. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,958 shares of company stock valued at $7,210,220 in the last three months. Company insiders own 14.10% of the company's stock.

Institutional Investors Weigh In On Coastal Financial

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock valued at $644,000 after purchasing an additional 149 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Coastal Financial by 0.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock valued at $1,549,000 after purchasing an additional 161 shares in the last quarter. Emerald Advisers LLC raised its holdings in shares of Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company's stock valued at $719,000 after purchasing an additional 179 shares in the last quarter. EJF Capital LLC raised its holdings in shares of Coastal Financial by 2.5% in the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company's stock valued at $1,312,000 after purchasing an additional 329 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Coastal Financial by 6.2% during the 1st quarter. MetLife Investment Management LLC now owns 7,272 shares of the company's stock worth $657,000 after acquiring an additional 427 shares in the last quarter. Institutional investors own 59.24% of the company's stock.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.

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