Coastal Financial (NASDAQ:CCB) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Coastal Financial Co. (NASDAQ:CCB) saw an uptick in trading volume on Wednesday . 65,477 shares changed hands during trading, an increase of 8% from the previous session’s volume of 60,489 shares.The stock last traded at $75.50 and had previously closed at $74.69.

Analyst Ratings Changes

A number of research firms have weighed in on CCB. Raymond James boosted their price objective 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 boosted their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $75.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Coastal Financial Trading Up 4.5 %

The company’s fifty day moving average price is $66.70 and its 200-day moving average price is $54.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 25.15 and a beta of 1.24.

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

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 2.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven D. Hovde sold 2,050 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the completion of the transaction, the director now owns 21,950 shares in the company, valued at $1,174,544.50. The trade was a 8.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,921 shares of company stock worth $4,159,029 in the last quarter. Corporate insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CCB. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial during the 3rd quarter worth about $31,000. nVerses Capital LLC grew its position 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 acquiring an additional 600 shares in the last quarter. FMR LLC grew its position in Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after acquiring an additional 228 shares in the last quarter. Quantbot Technologies LP acquired a new position in Coastal Financial in the 3rd quarter valued at about $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Coastal Financial by 190.1% in the 3rd 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 in the last quarter. 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.