Coastal Financial Co. (NASDAQ:CCB) Sees Large Decrease in Short Interest

Coastal Financial Co. (NASDAQ:CCB) saw a large decline in short interest in February. As of February 15th, there was short interest totalling 393,100 shares, a decline of 12.6% from the January 31st total of 449,700 shares. Based on an average daily volume of 116,600 shares, the short-interest ratio is presently 3.4 days.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. bought a new stake in Coastal Financial during the 3rd quarter worth about $377,000. Barclays PLC raised its holdings in Coastal Financial by 60.0% during the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after purchasing an additional 11,922 shares during the last quarter. PDT Partners LLC bought a new stake in Coastal Financial during the 3rd quarter worth about $650,000. Charles Schwab Investment Management Inc. raised its holdings in Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after purchasing an additional 60,106 shares during the last quarter. Finally, State Street Corp raised its holdings in Coastal Financial by 2.4% during the 3rd quarter. State Street Corp now owns 314,274 shares of the company’s stock worth $16,968,000 after purchasing an additional 7,386 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on CCB shares. Stephens restated an “overweight” rating and issued a $100.00 target price on shares of Coastal Financial in a research note on Thursday, February 13th. Raymond James restated a “strong-buy” rating and issued a $100.00 target price (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday.

Coastal Financial Stock Performance

Coastal Financial stock opened at $82.99 on Friday. The stock has a 50-day simple moving average of $87.70 and a 200 day simple moving average of $71.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $102.25. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 25.54 and a beta of 1.21.

Coastal Financial (NASDAQ:CCB) 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, research analysts anticipate that Coastal Financial will post 4.59 earnings per share for the current fiscal year.

About Coastal Financial

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.