Coastal Financial Co. (NASDAQ:CCB) Short Interest Update

Coastal Financial Co. (NASDAQ:CCB) was the recipient of a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 529,500 shares, an increase of 5.7% from the June 30th total of 500,800 shares. Based on an average trading volume of 57,300 shares, the short-interest ratio is presently 9.2 days. Currently, 4.8% of the shares of the company are sold short.

Insider Buying and Selling

In other news, CFO Joel G. Edwards sold 1,034 shares of Coastal Financial stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the completion of the transaction, the chief financial officer now directly owns 56,369 shares of the company’s stock, valued at approximately $2,505,602.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 16.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Riverwater Partners LLC increased its stake in shares of 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 acquiring an additional 494 shares during the last quarter. Cox Capital Mgt LLC raised its stake in Coastal Financial by 1.6% during the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after purchasing an additional 556 shares during the period. First Bank & Trust boosted its holdings in Coastal Financial by 3.6% in the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after purchasing an additional 761 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after purchasing an additional 1,439 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Coastal Financial by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock valued at $177,000 after buying an additional 1,489 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

Coastal Financial stock traded down $1.19 during midday trading on Thursday, reaching $51.51. The company had a trading volume of 92,234 shares, compared to its average volume of 57,287. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.54. The company has a market capitalization of $691.26 million, a P/E ratio of 17.99 and a beta of 1.25. The firm’s fifty day simple moving average is $46.46 and its 200-day simple moving average is $42.10.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a return on equity of 13.60% and a net margin of 6.07%. The firm had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. As a group, equities analysts anticipate that Coastal Financial will post 3.52 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCB. Hovde Group increased their price target on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research report on Tuesday.

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.