Coastal Financial (NASDAQ:CCB) Shares Down 7.7% – Here’s What Happened

Coastal Financial Corporation (NASDAQ:CCB) traded down 7.7% during trading on Thursday . The stock traded as low as $71.59 and last traded at $71.5480. 99,715 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 149,848 shares. The stock had previously closed at $77.55.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CCB shares. Keefe, Bruyette & Woods cut their price target on shares of Coastal Financial from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 30th. TD Cowen cut their target price on Coastal Financial from $145.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Finally, Stephens restated an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Coastal Financial has an average rating of “Moderate Buy” and a consensus target price of $122.60.

Coastal Financial Price Performance

The stock has a market cap of $1.10 billion, a P/E ratio of 22.63 and a beta of 0.72. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The firm has a 50-day moving average price of $73.97 and a 200-day moving average price of $81.98.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.24). The firm had revenue of $56.30 million for 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 10.20%. On average, analysts forecast that Coastal Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCB. EverSource Wealth Advisors LLC boosted its stake 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 acquiring an additional 169 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Coastal Financial in the 4th quarter worth approximately $50,000. Smartleaf Asset Management LLC raised its position in shares of Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after purchasing an additional 621 shares during 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 worth $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 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.