Coastal Financial (NASDAQ:CCB) Reaches New 52-Week Low – Here’s What Happened

Coastal Financial Corporation (NASDAQ:CCB)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $75.70 and last traded at $75.9950, with a volume of 212653 shares changing hands. The stock had previously closed at $83.65.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CCB. Hovde Group cut their target price on Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. UBS Group set a $155.00 price objective on Coastal Financial in a report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Finally, Zacks Research cut shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $128.00.

Coastal Financial Stock Performance

The company has a market cap of $1.21 billion, a P/E ratio of 26.42 and a beta of 0.87. The company’s 50-day moving average is $103.03 and its two-hundred day moving average is $107.03. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last announced 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). Coastal Financial had a return on equity of 10.16% and a net margin of 7.11%.The company had revenue of $56.49 million during the quarter, compared to the consensus estimate of $140.81 million. Equities analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 8,778 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the transaction, the chief executive officer directly owned 193,884 shares of the company’s stock, valued at approximately $22,286,965.80. This represents a 4.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the sale, the director owned 11,500 shares in the company, valued at approximately $1,348,375. The trade was a 20.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 63,296 shares of company stock valued at $7,287,745. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its stake in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after purchasing an additional 275,500 shares in the last quarter. Azora Capital LP grew its stake in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after buying an additional 156,956 shares in the last quarter. Ranger Investment Management L.P. bought a new stake in Coastal Financial during the 3rd quarter valued at $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of 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 acquiring an additional 132,403 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of Coastal Financial in the third quarter worth $13,580,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.