Coastal Financial (NASDAQ:CCB) Hits New 1-Year High – What’s Next?

Shares of Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $87.12 and last traded at $86.73, with a volume of 23925 shares trading hands. The stock had previously closed at $83.88.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Raymond James upped their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Hovde Group increased their target price on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods lifted their price target on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th.

Coastal Financial Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.14 billion, a PE ratio of 28.23 and a beta of 1.22. The stock’s 50-day moving average is $77.31 and its 200 day moving average is $60.57.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. As a group, equities analysts predict that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Insider Transactions at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Eric M. Sprink sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $65.93, for a total value of $461,510.00. Following the transaction, the chief executive officer now owns 251,388 shares in the company, valued at approximately $16,574,010.84. This trade represents a 2.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,346 shares of company stock valued at $1,986,746 in the last three months. Corporate insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. Point72 DIFC Ltd bought a new position in shares of Coastal Financial in the third quarter valued at approximately $31,000. nVerses Capital LLC grew its stake in Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after buying an additional 600 shares during the last quarter. FMR LLC raised its holdings in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the period. Quantbot Technologies LP acquired a new position in Coastal Financial during the 3rd quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after acquiring an additional 2,019 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.