Coastal Financial (NASDAQ:CCB) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Coastal Financial (NASDAQ:CCB) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other research analysts have also commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a research report on Monday. Keefe, Bruyette & Woods dropped their price objective on Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Stephens reiterated an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a report on Friday, May 1st. Finally, 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 report on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $122.60.

Coastal Financial Price Performance

NASDAQ CCB opened at $79.84 on Tuesday. The company has a market cap of $1.22 billion, a PE ratio of 25.03 and a beta of 0.72. The firm’s 50 day moving average price is $73.47 and its 200-day moving average price is $86.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. Coastal Financial has a 52-week low of $66.50 and a 52-week 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 analysts’ consensus estimates of $1.02 by ($0.24). The business 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 10.20% and a net margin of 7.35%. Sell-side analysts forecast that Coastal Financial will post 4.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its holdings in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after acquiring an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Coastal Financial during the fourth quarter valued at about $50,000. Smartleaf Asset Management LLC increased its holdings in shares of Coastal Financial by 20,700.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock valued at $72,000 after acquiring an additional 621 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Coastal Financial by 521.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after purchasing an additional 1,059 shares in the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.