Key Points
- Director sale: Coastal Financial director Thomas Lane sold 300 shares on May 8 at $72.60 each, totaling $21,780, according to an SEC filing.
- Stock performance and earnings miss: Shares were down 2.9% and opened at $70.73, near the 52-week low of $70.27. The company recently reported quarterly EPS of $0.78, well below the $1.02 consensus estimate, and revenue also came in far under expectations.
- Analyst sentiment has weakened: Multiple firms downgraded the stock recently, though the overall consensus remains Moderate Buy with an average target price of $122.60.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Thomas Lane sold 300 shares of Coastal Financial stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $72.60, for a total transaction of $21,780.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Coastal Financial Stock Down 2.9%
Shares of Coastal Financial stock opened at $70.73 on Tuesday. The firm's 50 day moving average price is $78.21 and its 200-day moving average price is $95.64. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 52-week low of $70.27 and a 52-week high of $120.05. The company has a market cap of $1.08 billion, a P/E ratio of 22.17 and a beta of 0.76.
Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.35% and a net margin of 7.35%.The firm had revenue of $56.30 million during the quarter, compared to analysts' expectations of $138.63 million. On average, sell-side analysts predict that Coastal Financial Corporation will post 4.56 EPS for the current fiscal year.
Institutional Trading of Coastal Financial
Several institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its stake in shares of Coastal Financial by 16,937.6% in the first quarter. PNC Financial Services Group Inc. now owns 32,201 shares of the company's stock worth $2,450,000 after acquiring an additional 32,012 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Coastal Financial by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 359,571 shares of the company's stock worth $27,361,000 after purchasing an additional 25,424 shares during the last quarter. Arcus Capital Partners LLC raised its holdings in shares of Coastal Financial by 37.1% during the first quarter. Arcus Capital Partners LLC now owns 17,636 shares of the company's stock worth $1,342,000 after purchasing an additional 4,771 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in shares of Coastal Financial by 45.4% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 156,664 shares of the company's stock worth $11,922,000 after purchasing an additional 48,927 shares during the last quarter. Finally, Emerald Advisers LLC raised its holdings in shares of Coastal Financial by 44.8% during the first quarter. Emerald Advisers LLC now owns 221,182 shares of the company's stock worth $16,832,000 after purchasing an additional 68,427 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have weighed in on the stock. Weiss Ratings downgraded shares of Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, March 2nd. Wall Street Zen downgraded shares of Coastal Financial from a "hold" rating to a "sell" rating in a research report on Saturday, May 2nd. Hovde Group dropped their target price on shares of Coastal Financial from $140.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, January 30th. TD Cowen dropped their target price on shares of Coastal Financial from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, April 30th. Finally, Zacks Research downgraded shares of Coastal Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. Four research 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $122.60.
Read Our Latest Analysis on Coastal Financial
About Coastal Financial
(
Get Free Report)
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.
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