Coastal Financial (NASDAQ:CCB) Hits New 1-Year High – What’s Next?

Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high on Monday . The stock traded as high as $87.12 and last traded at $86.73, with a volume of 23925 shares trading hands. The stock had previously closed at $83.88.

Wall Street Analyst Weigh In

CCB has been the topic of a number of recent research reports. Raymond James lifted their target price 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. Keefe, Bruyette & Woods boosted their price objective on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Finally, Hovde Group raised their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th.

Coastal Financial Price Performance

The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 28.23 and a beta of 1.22. 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 company’s 50-day moving average is $77.31 and its 200-day moving average is $60.57.

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

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 5,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $56.29, for a total transaction of $281,450.00. Following the completion of the sale, the chief executive officer now directly owns 289,285 shares of the company’s stock, valued at $16,283,852.65. This trade represents a 1.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,346 shares of company stock worth $1,986,746 over the last three months. 16.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CCB. Principal Financial Group Inc. bought a new position in Coastal Financial in the 3rd quarter worth approximately $377,000. PDT Partners LLC acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at $650,000. Charles Schwab Investment Management Inc. raised its position in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after acquiring an additional 60,106 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. lifted its stake in shares of Coastal Financial by 214.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after acquiring an additional 20,525 shares during the period. Finally, State Street Corp boosted its holdings in Coastal Financial by 2.4% in the third quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after acquiring an additional 7,386 shares during the last quarter. 59.24% of the stock is currently 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.