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Coastal Financial eyes recovery after Monday selloff

By Reuters News11 hours ago Updated

** Community bank Coastal Financial's CCB.O shares rise 4.9% to $39.37 after Monday's selloff

** Stock plunged 16% on Monday as US regional lender Valley National Bancorp VLY.O unveiled a roughly $340 million deal to buy Bluevine, CCB financial technology partner

** Bluevine's existing partner-bank program will be terminated upon deal close — expected in early 2027

** "We view the announcement as a modest negative for CCB, as it confirms that an established and rapidly growing CCBX relationship will ultimately migrate to Valley following the acquisition," Raymond James analyst Joseph Yanchunis said

** Impact from VLY's BlueVine acquisition isn't as material as the market move on Monday, according to Stephens analyst Andrew Terrell

** All four brokerages covering stock rate "buy" or higher; median PT $51.50 - data compiled by LSEG

** As of last close, CCB stock down 67% YTD

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