Short Interest in Coastal Financial Co. (NASDAQ:CCB) Drops By 8.3%

Coastal Financial Co. (NASDAQ:CCB) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 342,800 shares, a decline of 8.3% from the October 15th total of 373,800 shares. Based on an average daily volume of 68,600 shares, the short-interest ratio is currently 5.0 days. Currently, 3.1% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

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

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $72.73 on Tuesday. The business’s 50 day moving average price is $58.80 and its 200 day moving average price is $51.27. The company has a market cap of $984.76 million, a price-to-earnings ratio of 24.49 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial has a one year low of $35.67 and a one year high of $74.58.

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

Insider Activity at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the transaction, the director now directly owns 26,500 shares in the company, valued at $1,404,500. This trade represents a 5.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,977 shares of company stock worth $4,428,296. Company insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rosenthal Henry Capital Advisors Inc. lifted its position in shares of Coastal Financial by 214.0% during the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after buying an additional 20,525 shares during the last quarter. Riverwater Partners LLC increased its stake in Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after buying an additional 30,405 shares during the period. Envestnet Asset Management Inc. lifted its position in Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after purchasing an additional 1,956 shares during the period. Moss Adams Wealth Advisors LLC purchased a new stake in shares of Coastal Financial in the third quarter valued at approximately $1,020,000. Finally, American Century Companies Inc. grew its stake in shares of Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the period. 59.24% of the stock is 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.