Short Interest in Coastal Financial Co. (NASDAQ:CCB) Increases By 5.7%

Coastal Financial Co. (NASDAQ:CCB) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 529,500 shares, a growth of 5.7% from the June 30th total of 500,800 shares. Approximately 4.8% of the company’s stock are short sold. Based on an average daily volume of 57,300 shares, the short-interest ratio is currently 9.2 days.

Insider Activity

In related news, CFO Joel G. Edwards sold 1,034 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the completion of the sale, the chief financial officer now directly owns 56,369 shares of the company’s stock, valued at approximately $2,505,602.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EntryPoint Capital LLC grew its position in shares of Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares during the last quarter. SG Americas Securities LLC boosted its stake in Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock valued at $177,000 after acquiring an additional 1,489 shares during the period. Allspring Global Investments Holdings LLC grew its holdings 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 during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Coastal Financial during the 1st quarter worth approximately $207,000. Finally, Arcus Capital Partners LLC bought a new stake in shares of Coastal Financial in the 2nd quarter worth approximately $378,000. 59.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Hovde Group lifted their price objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday.

Coastal Financial Trading Up 0.5 %

CCB opened at $52.97 on Wednesday. The stock has a market capitalization of $710.86 million, a PE ratio of 18.52 and a beta of 1.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.15. The firm’s fifty day moving average price is $46.29 and its 200 day moving average price is $42.02.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.60% and a net margin of 6.07%. As a group, research analysts expect that Coastal Financial will post 3.47 EPS for the current fiscal year.

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.