Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Coastal Financial, with two sell ratings and five buy ratings. The average 12-month price target is $91.33, though several firms recently lowered their targets, including TD Cowen to $47 and Keefe, Bruyette & Woods to $53.
• Coastal Financial opened at $47.43, down 4.1%, and reported a quarterly EPS loss of $2.76 versus consensus expectations for $1.01 in earnings, despite revenue of $178.07 million exceeding estimates.
• Insiders purchased shares worth approximately $1.12 million in the latest quarter, including 10,000-share purchases by the CEO and a director. Institutional investors and hedge funds own 59.24% of the company.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) have been given a consensus recommendation of "Hold" by the seven research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $91.3333.

A number of analysts have weighed in on CCB shares. Keefe, Bruyette & Woods decreased their price target on Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a report on Friday, July 31st. TD Cowen decreased their target price on Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Weiss Ratings downgraded Coastal Financial from a "hold (c)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Raymond James Financial cut 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.

Coastal Financial Trading Down 4.1%

NASDAQ CCB opened at $47.43 on Thursday. The firm has a market capitalization of $725.20 million, a PE ratio of -169.39 and a beta of 0.78. The business's 50-day moving average price is $59.09 and its two-hundred day moving average price is $69.83. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. 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 issued its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.80% and a negative net margin of 0.53%.The company had revenue of $178.07 million for the quarter, compared to the consensus estimate of $148.50 million. On average, analysts expect that Coastal Financial will post 1.26 EPS for the current year.

Insiders Place Their Bets

In related news, Director Steven Hovde bought 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, with a total value of $438,300.00. Following the completion of the purchase, the director directly owned 26,500 shares in the company, valued at $1,161,495. The trade was a 60.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric Sprink purchased 10,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $44.45 per share, with a total value of $444,500.00. Following the completion of the purchase, the chief executive officer owned 173,238 shares of the company's stock, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 25,290 shares of company stock worth $1,115,894 in the last quarter. 13.49% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in Coastal Financial by 7,409.8% in the 2nd quarter. California State Teachers Retirement System now owns 975,153 shares of the company's stock valued at $75,584,000 after purchasing an additional 962,168 shares during the period. Vanguard Group Inc. lifted its position in shares of Coastal Financial by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 784,230 shares of the company's stock worth $89,865,000 after buying an additional 18,193 shares in the last quarter. Azora Capital LP boosted its stake in shares of Coastal Financial by 4.6% in the 4th quarter. Azora Capital LP now owns 618,244 shares of the company's stock worth $70,845,000 after buying an additional 27,224 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 valued at $52,592,000 after acquiring an additional 39,984 shares in the last quarter. Finally, Cooper Creek Partners Management LLC increased its position in shares of 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 acquiring an additional 230,537 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

About Coastal Financial

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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