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

Shares of Coastal Financial Corporation (NASDAQ:CCB) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $122.60.

A number of analysts recently commented on CCB shares. Stephens reiterated an “overweight” rating and set a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. Keefe, Bruyette & Woods decreased their price target on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. TD Cowen cut their price objective 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. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a research note on Monday. Finally, Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cooper Creek Partners Management LLC lifted its holdings in shares of Coastal Financial by 105.0% during the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock worth $34,255,000 after acquiring an additional 230,537 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 last quarter. UBS Group AG raised its stake 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. Next Century Growth Investors LLC boosted its holdings in shares of Coastal Financial by 130.0% in the 4th quarter. Next Century Growth Investors LLC now owns 178,224 shares of the company’s stock valued at $20,423,000 after purchasing an additional 100,731 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Coastal Financial by 43.8% during the 4th quarter. Loomis Sayles & Co. L P now owns 330,230 shares of the company’s stock valued at $37,841,000 after buying an additional 100,661 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Performance

CCB opened at $79.84 on Friday. Coastal Financial has a 1-year low of $66.50 and a 1-year high of $120.05. The stock has a market cap of $1.22 billion, a P/E ratio of 25.03 and a beta of 0.72. The stock’s 50 day simple moving average is $73.47 and its 200 day simple moving average is $86.28. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The firm had revenue of $56.30 million for the quarter, compared to analyst estimates of $138.63 million. As a group, equities analysts anticipate that Coastal Financial will post 4.56 EPS for the current fiscal year.

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.