Coastal Financial Corporation (NASDAQ:CCB) Receives Average Recommendation of “Buy” from Analysts

Coastal Financial Corporation (NASDAQ:CCB) has received an average recommendation of “Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $133.60.

A number of brokerages have weighed in on CCB. Hovde Group dropped their price target on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods dropped their price target on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. Weiss Ratings cut shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 2nd. Finally, Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th.

Insider Transactions at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 159,126 shares of the company’s stock, valued at approximately $18,460,207.26. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Joel G. Edwards sold 1,300 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at approximately $1,276,179.08. The trade was a 10.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 13,702 shares of company stock valued at $1,568,879. Company insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CCB. AQR Capital Management LLC boosted its stake in shares of Coastal Financial by 3.7% in the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after purchasing an additional 977 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after purchasing an additional 22,725 shares during the period. Empowered Funds LLC boosted its stake in shares of Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after purchasing an additional 848 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after purchasing an additional 1,048 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

Coastal Financial stock opened at $83.29 on Monday. Coastal Financial has a 12-month low of $70.72 and a 12-month high of $120.05. The stock has a market cap of $1.27 billion, a P/E ratio of 27.40 and a beta of 0.87. The company has a 50-day moving average price of $79.45 and a 200 day moving average price of $98.41. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.01%. The company had revenue of $56.49 million for the quarter, compared to analyst estimates of $140.81 million. Sell-side analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current year.

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.