TD Cowen Lowers Coastal Financial (NASDAQ:CCB) Price Target to $120.00

Coastal Financial (NASDAQ:CCB) had its target price dropped by equities research analysts at TD Cowen from $145.00 to $120.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 57.09% from the stock’s previous close.

CCB has been the subject of several other research reports. Weiss Ratings cut Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Hovde Group lowered their price target on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Wall Street Zen raised Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. Finally, Keefe, Bruyette & Woods lowered their price target on Coastal Financial from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Coastal Financial has an average rating of “Moderate Buy” and a consensus price target of $122.60.

Coastal Financial Trading Up 1.0%

Shares of NASDAQ CCB opened at $76.39 on Thursday. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 23.95 and a beta of 0.76. The business has a 50 day simple moving average of $78.77 and a 200 day simple moving average of $96.83. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.24). The firm had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.63 million. Coastal Financial had a net margin of 7.35% and a return on equity of 10.35%. On average, research analysts predict that Coastal Financial will post 5.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

A number of large investors have recently added to or reduced their stakes in CCB. Ranger Investment Management L.P. bought a new stake in Coastal Financial during the third quarter worth approximately $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Coastal Financial by 364.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing an additional 132,403 shares during the period. D.A. Davidson & CO. bought a new stake in Coastal Financial during the third quarter worth approximately $13,580,000. UBS Group AG boosted its position in Coastal Financial by 158.7% during the third quarter. UBS Group AG now owns 166,185 shares of the company’s stock worth $17,976,000 after purchasing an additional 101,935 shares during the period. Finally, Next Century Growth Investors LLC boosted its position in Coastal Financial by 130.0% during the fourth quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock worth $20,423,000 after purchasing an additional 100,731 shares during the period. 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.