Coastal Financial (NASDAQ:CCB) Sets New 1-Year High – Here’s What Happened

Shares of Coastal Financial Co. (NASDAQ:CCB) hit 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 changing hands. The stock had previously closed at $83.88.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Raymond James upped their price objective 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 increased their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group lifted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Price Performance

The firm has a market capitalization of $1.15 billion, a PE ratio of 28.54 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 stock has a 50-day moving average price of $76.14 and a 200 day moving average price of $59.83.

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

Insider Buying and Selling

In related news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 7,000 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $65.93, for a total transaction of $461,510.00. Following the completion of the sale, the chief executive officer now owns 251,388 shares of the company’s stock, valued at approximately $16,574,010.84. The trade was a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,346 shares of company stock worth $2,151,746. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several large investors have recently added to or reduced their stakes in the stock. Portside Wealth Group LLC grew its holdings in shares of Coastal Financial by 3.7% in the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after purchasing an additional 166 shares during the period. Parallel Advisors LLC boosted its holdings in Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares during the last quarter. FMR LLC grew its stake in shares of 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 buying an additional 228 shares during the period. Empowered Funds LLC increased its holdings in shares of Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after buying an additional 536 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial during the 3rd quarter valued at approximately $31,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.