Coastal Financial (NASDAQ:CCB) Reaches New 12-Month High Following Earnings Beat

Coastal Financial Co. (NASDAQ:CCB)’s share price hit a new 52-week high during trading on Monday following a stronger than expected earnings report. The company traded as high as $61.50 and last traded at $61.50, with a volume of 19639 shares. The stock had previously closed at $58.45.

The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates 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 13.34% and a net margin of 6.07%.

Wall Street Analysts Forecast Growth

CCB has been the topic of several research reports. Raymond James upped their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Hovde Group increased their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the sale, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Eric M. Sprink sold 3,223 shares of Coastal Financial stock in a transaction that occurred 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 directly owns 313,689 shares of the company’s stock, valued at approximately $15,822,473.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,495 shares of company stock valued at $3,187,116 over the last quarter. 16.82% of the stock is owned by company insiders.

Institutional Trading of Coastal Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. nVerses Capital LLC boosted its holdings in shares of Coastal Financial by 300.0% during 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. EntryPoint Capital LLC raised its position in Coastal Financial by 642.4% in the first 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. Allspring Global Investments Holdings LLC boosted its stake in shares of Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of Coastal Financial during the first quarter worth about $207,000. Finally, Creative Planning acquired a new position in shares of Coastal Financial in the third quarter valued at approximately $298,000. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Up 3.2 %

The business’s fifty day moving average is $53.96 and its 200-day moving average is $48.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $895.77 million, a P/E ratio of 21.72 and a beta of 1.24.

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.