Coastal Financial (NASDAQ:CCB) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Coastal Financial (NASDAQ:CCB) from a hold rating to a sell rating in a research note issued to investors on Saturday.

A number of other research firms also recently issued reports on CCB. TD Cowen decreased their price target on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday. Hovde Group cut their price objective on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. Keefe, Bruyette & Woods lowered their target price on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, March 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.60.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $76.39 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm’s fifty day simple moving average is $78.77 and its 200 day simple moving average is $96.77. The stock has a market cap of $1.16 billion, a P/E ratio of 23.95 and a beta of 0.76. Coastal Financial has a twelve month low of $70.72 and a twelve month high of $120.05.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Diversify Wealth Management LLC grew its stake in shares of Coastal Financial by 30.9% in the first quarter. Diversify Wealth Management LLC now owns 9,232 shares of the company’s stock worth $699,000 after acquiring an additional 2,178 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Coastal Financial in the 1st quarter worth about $1,885,000. SG Americas Securities LLC raised its position in shares of Coastal Financial by 71.2% in the 1st quarter. SG Americas Securities LLC now owns 13,719 shares of the company’s stock worth $1,044,000 after purchasing an additional 5,704 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Coastal Financial in the 4th quarter worth about $50,000. Finally, Mendon Capital Advisors Corp boosted its stake in Coastal Financial by 1.0% in the 4th quarter. Mendon Capital Advisors Corp now owns 30,000 shares of the company’s stock worth $3,438,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors 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.