Coastal Financial (NASDAQ:CCB) Shares Down 6.5% - Here's Why

Coastal Financial Co. (NASDAQ:CCB - Get Free Report)'s stock price was down 6.5% on Tuesday . The stock traded as low as $92.36 and last traded at $94.13. Approximately 49,850 shares traded hands during trading, a decline of 60% from the average daily volume of 123,835 shares. The stock had previously closed at $100.71.

Analysts Set New Price Targets

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

Coastal Financial Price Performance

The firm has a fifty day moving average of $87.70 and a 200 day moving average of $71.90. The company has a market capitalization of $1.12 billion, a P/E ratio of 25.54 and a beta of 1.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results 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 net margin of 6.43% and a return on equity of 14.98%. On average, equities research analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

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Institutional Investors Weigh In On Coastal Financial

A number of large investors have recently made changes to their positions in CCB. Creative Planning bought a new stake in shares of Coastal Financial during the 3rd quarter valued at about $298,000. Principal Financial Group Inc. purchased a new position in shares of Coastal Financial during the 3rd quarter valued at about $377,000. Portside Wealth Group LLC lifted its position in shares of Coastal Financial by 3.7% during the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company's stock valued at $252,000 after buying an additional 166 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company's stock valued at $3,097,000 after buying an additional 25,482 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its position in shares of Coastal Financial by 7.8% during the 3rd quarter. GSA Capital Partners LLP now owns 11,850 shares of the company's stock valued at $640,000 after buying an additional 857 shares in the last quarter. 59.24% of the stock is currently 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.