Coastal Financial Corporation (NASDAQ:CCB) Receives Consensus Recommendation of “Hold” from Brokerages

Coastal Financial Corporation (NASDAQ:CCB) has earned an average recommendation of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $91.3333.

CCB has been the subject of several recent research reports. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Stephens reaffirmed an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Keefe, Bruyette & Woods dropped their target price on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Finally, Weiss Ratings cut Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a report on Tuesday, August 11th.

Coastal Financial Stock Up 0.4%

NASDAQ:CCB opened at $46.28 on Friday. The firm has a market capitalization of $707.62 million, a price-to-earnings ratio of -165.28 and a beta of 0.76. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $65.89 and its two-hundred day moving average price is $73.48. Coastal Financial has a twelve month low of $36.61 and a twelve month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($3.77). The business had revenue of $178.07 million during the quarter, compared to the consensus estimate of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.80%. Equities research analysts expect that Coastal Financial will post 1.26 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde purchased 10,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average price of $43.83 per share, with a total value of $438,300.00. Following the transaction, the director owned 26,500 shares in the company, valued at $1,161,495. This trade represents a 60.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink purchased 10,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $44.45 per share, with a total value of $444,500.00. Following the purchase, the chief executive officer directly owned 173,238 shares in the company, valued at approximately $7,700,429.10. The trade was a 6.13% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 25,290 shares of company stock worth $1,115,894. Corporate insiders own 13.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CCB. EverSource Wealth Advisors LLC grew its position in Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after buying an additional 169 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Coastal Financial in the fourth quarter valued at approximately $50,000. Smartleaf Asset Management LLC grew its holdings in 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 purchasing an additional 621 shares during the period. Russell Investments Group Ltd. increased its position in Coastal Financial by 229.5% in 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. Finally, Tower Research Capital LLC TRC lifted its position in shares of Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after buying an additional 1,059 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

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.