Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – What’s Next?

Shares of Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during trading on Tuesday . The stock traded as high as $79.59 and last traded at $77.99, with a volume of 79723 shares. The stock had previously closed at $76.69.

Analyst Ratings Changes

Several research analysts have commented on CCB shares. Hovde Group lifted their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th.

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 cap of $1.05 billion, a P/E ratio of 26.03 and a beta of 1.22. The firm’s fifty day moving average price is $61.93 and its 200-day moving average price is $52.69.

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

Insider Activity at Coastal Financial

In related news, Director Steven D. Hovde sold 1,556 shares of Coastal Financial stock in a transaction on Friday, August 30th. The shares were sold at an average price of $53.50, for a total value of $83,246.00. Following the sale, the director now owns 24,000 shares in the company, valued at $1,284,000. The trade was a 6.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Eric M. Sprink sold 3,223 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $50.44, for a total transaction of $162,568.12. Following the sale, the chief executive officer now owns 313,689 shares in the company, valued at approximately $15,822,473.16. This trade represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,477 shares of company stock worth $4,242,275 over the last quarter. Corporate insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently modified their holdings of the stock. Portside Wealth Group LLC raised its position in shares of Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after purchasing an additional 166 shares during the last quarter. Parallel Advisors LLC raised its position in Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after buying an additional 227 shares during the last quarter. FMR LLC raised its position 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 buying an additional 228 shares during the last quarter. Riverwater Partners LLC raised its position in Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after buying an additional 494 shares during the last quarter. Finally, Empowered Funds LLC raised its position in Coastal Financial by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after buying an additional 536 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.