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

Coastal Financial Corporation (NASDAQ:CCB)’s share price hit a new 52-week low on Monday . The company traded as low as $70.72 and last traded at $74.6550, with a volume of 8025 shares traded. The stock had previously closed at $74.19.

Analysts Set New Price Targets

Several equities research analysts recently commented on CCB shares. TD Cowen restated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Zacks Research downgraded shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods cut their price objective on shares of Coastal Financial from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. Finally, UBS Group set a $155.00 target price on Coastal Financial in a research report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

Coastal Financial Trading Up 3.9%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market capitalization of $1.17 billion, a P/E ratio of 25.17 and a beta of 0.87. The firm has a 50 day simple moving average of $101.41 and a two-hundred day simple moving average of $106.67.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34). Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Equities research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 8,778 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the sale, the chief executive officer owned 193,884 shares in the company, valued at approximately $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven D. Hovde sold 3,000 shares of Coastal Financial stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. This represents a 20.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 63,296 shares of company stock valued at $7,287,745 in the last 90 days. Corporate insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in Coastal Financial by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after acquiring an additional 149 shares during the period. ProShare Advisors LLC grew its position in shares of Coastal Financial by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 2,360 shares of the company’s stock valued at $270,000 after purchasing an additional 155 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after purchasing an additional 169 shares during the period. Swiss National Bank lifted its holdings in Coastal Financial by 0.8% during the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company’s stock worth $2,830,000 after purchasing an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Coastal Financial by 0.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company’s stock worth $12,117,000 after purchasing an additional 293 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

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.