Coastal Financial (NASDAQ:CCB) Raised to “Strong-Buy” at TD Cowen

Coastal Financial (NASDAQ:CCB) was upgraded by research analysts at TD Cowen to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

CCB has been the topic of several other reports. Hovde Group lowered their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Weiss Ratings lowered Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. Keefe, Bruyette & Woods cut their target price 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. Wall Street Zen lowered shares of Coastal Financial from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Finally, Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Coastal Financial presently has a consensus rating of “Buy” and a consensus target price of $133.60.

Coastal Financial Stock Down 0.4%

Shares of CCB opened at $82.04 on Monday. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 26.99 and a beta of 0.87. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05. The stock’s 50-day moving average price is $79.70 and its 200-day moving average price is $99.01. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.34). The company had revenue of $56.49 million during the quarter, compared to analysts’ expectations of $140.81 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. On average, sell-side analysts predict that Coastal Financial will post 4.59 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Joel G. Edwards sold 1,300 shares of Coastal Financial stock in a transaction 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 sale, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 159,126 shares in the company, valued at approximately $18,460,207.26. This represents a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,058 shares of company stock worth $2,410,134 over the last 90 days. Company insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after purchasing an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Coastal Financial in the fourth quarter valued at $50,000. State of Alaska Department of Revenue purchased a new stake in shares of Coastal Financial in the third quarter valued at about $64,000. Smartleaf Asset Management LLC boosted its stake 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 worth $72,000 after buying an additional 621 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

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.