Coastal Financial (NASDAQ:CCB) Upgraded by TD Cowen to "Strong-Buy" Rating

Key Points

• TD Cowen upgraded Coastal Financial (NASDAQ:CCB) to a Strong-Buy, while analyst coverage is mixed but averages a Buy rating with a mean target price of $133.60.
• The company posted a notable quarterly earnings and revenue miss, reporting $0.82 EPS versus $1.16 expected and $56.49M in revenue versus $140.81M expected.
• Shares trade around $82.04 (1‑year range $70.72–$120.05) with a $1.25B market cap, and insiders sold about 21,058 shares (~$2.41M) in the past 90 days while owning roughly 14.1% of the stock.

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

Several other equities analysts also recently commented on CCB. Hovde Group lowered their target price on shares of Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday, January 30th. Wall Street Zen downgraded shares of Coastal Financial from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. Keefe, Bruyette & Woods lowered their target price on shares of Coastal Financial from $135.00 to $125.00 and set an "outperform" rating on the stock in a report on Monday, February 2nd. Weiss Ratings downgraded shares of 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. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $133.60.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $82.04 on Monday. 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 1-year low of $70.72 and a 1-year high of $120.05. The company has a market capitalization of $1.25 billion, a P/E ratio of 26.99 and a beta of 0.87. The firm's 50 day simple moving average is $79.70 and its two-hundred day simple moving average is $99.01.

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

Insider Buying and Selling at Coastal Financial

In related news, CEO Eric M. Sprink sold 4,000 shares of the business's stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $116.01, for a total value of $464,040.00. Following the sale, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the business's stock in a transaction 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 in the company, valued at $1,276,179.08. This trade represents a 10.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 21,058 shares of company stock worth $2,410,134 in the last 90 days. 14.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in 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 acquiring an additional 18,193 shares during the last quarter. Azora Capital LP grew its holdings in shares of Coastal Financial by 4.6% in the fourth quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after purchasing an additional 27,224 shares during the last quarter. American Century Companies Inc. grew its holdings 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 grew its holdings 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 worth $37,841,000 after purchasing an additional 100,661 shares during the last quarter. Institutional investors 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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