Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Coastal Financial has a consensus “Hold” rating from seven brokerages, with five buy ratings and two sell ratings. Analysts’ average 12-month price target is $91.33, although several firms recently downgraded their ratings or cut price targets.
• The stock opened at $40.17, well below its 52-week high of $120.05. Coastal Financial reported a quarterly loss of $2.76 per share, missing expectations by $3.77, despite revenue of $178.07 million exceeding forecasts.
• Insiders have recently shown confidence in the company, with the CEO and a director each purchasing 10,000 shares; insiders bought 25,290 shares worth approximately $1.12 million over the past three months.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) have received a consensus recommendation of "Hold" from the seven brokerages that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $91.33.

A number of equities research analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Coastal Financial from a "hold (c)" rating to a "sell (d)" rating in a research note on Tuesday, August 11th. Raymond James Financial lowered shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 price target on the stock. in a report on Friday, July 31st. Keefe, Bruyette & Woods lowered their price objective on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. TD Cowen reaffirmed a "buy" rating on shares of Coastal Financial in a report on Tuesday, September 29th. Finally, Zacks Research lowered shares of Coastal Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 4th.

Coastal Financial Price Performance

Coastal Financial stock opened at $40.17 on Monday. The stock has a market cap of $614.20 million, a price-to-earnings ratio of -143.46 and a beta of 0.86. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $47.65 and a 200 day simple moving average of $65.80. Coastal Financial has a 52 week low of $35.56 and a 52 week high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results 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 0.80%. The business had revenue of $178.07 million during the quarter, compared to analysts' expectations of $148.50 million. On average, research analysts forecast that Coastal Financial will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In other news, Director Steven Hovde bought 10,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $43.83 per share, for a total transaction of $438,300.00. Following the transaction, the director directly owned 26,500 shares of the company's stock, valued at $1,161,495. This represents a 60.61% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric Sprink bought 10,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $44.45 per share, with a total value of $444,500.00. Following the transaction, the chief executive officer directly owned 173,238 shares in the company, valued at $7,700,429.10. The trade was a 6.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 25,290 shares of company stock worth $1,115,894. 13.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds have recently made changes to their positions in the business. Mendon Capital Advisors Corp boosted its position in Coastal Financial by 86.7% during the first quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company's stock valued at $4,262,000 after buying an additional 26,000 shares during the period. Renaissance Technologies LLC bought a new position in shares of Coastal Financial during the first quarter valued at about $1,720,000. Quantinno Capital Management LP increased its holdings in shares of Coastal Financial by 1,026.9% in the first quarter. Quantinno Capital Management LP now owns 25,377 shares of the company's stock worth $1,931,000 after buying an additional 23,125 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Coastal Financial by 7.6% in the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock worth $27,361,000 after buying an additional 25,424 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Coastal Financial by 71.2% in the 1st quarter. Bank of America Corp DE now owns 86,657 shares of the company's stock valued at $6,595,000 after acquiring an additional 36,045 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company headquartered in Everett, Washington. Through its wholly owned subsidiary, Coastal Community Bank, the company provides banking services to individuals, businesses and nonprofit organizations in Washington state, with a focus on communities in the Puget Sound region.

Coastal Community Bank offers deposit accounts, commercial and consumer loans, mortgage lending, cash-management and treasury services, online and mobile banking, and other traditional banking products.

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