Coastal Financial (NASDAQ:CCB) Shares Down 6.5% – Here’s Why

Coastal Financial Co. (NASDAQ:CCB) shares traded down 6.5% during mid-day trading on Tuesday . The stock traded as low as $92.36 and last traded at $94.13. 49,850 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 123,835 shares. The stock had previously closed at $100.71.

Analysts Set New Price Targets

CCB has been the topic of several recent research reports. Raymond James reiterated a “strong-buy” rating and set a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Stephens reaffirmed an “overweight” rating and set a $100.00 price target on shares of Coastal Financial in a research report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research note on Tuesday.

Coastal Financial Trading Down 7.8 %

The stock has a market capitalization of $1.26 billion, a P/E ratio of 28.56 and a beta of 1.23. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $87.31 and a two-hundred day moving average price of $71.35.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. On average, analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at $31,000. Tower Research Capital LLC TRC grew its position in Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock valued at $61,000 after acquiring an additional 461 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Coastal Financial during the fourth quarter worth about $64,000. FMR LLC lifted its holdings in shares of Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new stake in shares of Coastal Financial in the 4th quarter valued at approximately $87,000. 59.24% of the stock is owned by institutional investors.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.