Zacks Research Downgrades Coastal Financial (NASDAQ:CCB) to Strong Sell

Coastal Financial (NASDAQ:CCB) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on CCB. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods cut their price target on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a research note on Monday, June 29th. TD Cowen dropped their price objective on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Stephens reaffirmed an “overweight” rating and set a $110.00 target price on shares of Coastal Financial in a research report on Friday, May 1st. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.33.

Coastal Financial Price Performance

Coastal Financial stock opened at $44.15 on Tuesday. The firm has a 50-day moving average price of $71.31 and a 200-day moving average price of $78.28. The firm has a market capitalization of $673.24 million, a PE ratio of -157.67 and a beta of 0.76. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. Coastal Financial has a 12-month low of $36.61 and a 12-month high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing the consensus estimate of $1.01 by ($3.77). The business had revenue of $60.37 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 0.79%. As a group, equities research analysts forecast that Coastal Financial will post 1.26 EPS for the current year.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its position in shares of Coastal Financial by 129.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after acquiring an additional 169 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Coastal Financial in the fourth quarter valued at about $50,000. Smartleaf Asset Management LLC increased its holdings in shares of Coastal Financial by 20,700.0% in 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. raised its stake in shares of 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 purchasing an additional 576 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Coastal Financial by 521.7% in the second 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 during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.