Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – Still a Buy?

Coastal Financial Co. (NASDAQ:CCB)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $89.58 and last traded at $88.08, with a volume of 33799 shares. The stock had previously closed at $86.36.

Analysts Set New Price Targets

CCB has been the subject of several research reports. Hovde Group lifted their price target on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Raymond James reissued a “strong-buy” rating and set a $100.00 price target (up from $88.00) on shares of Coastal Financial in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price target on Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th.

Coastal Financial Stock Performance

The stock has a 50 day simple moving average of $81.28 and a 200 day simple moving average of $64.50. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.22 billion, a P/E ratio of 30.21 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, equities analysts expect that Coastal Financial Co. will post 3.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial 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 transaction, the executive vice president now owns 19,611 shares in the company, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 3,482 shares of Coastal Financial stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $71.14, for a total value of $247,709.48. Following the completion of the transaction, the chief executive officer now owns 244,906 shares in the company, valued at approximately $17,422,612.84. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,482 shares of company stock worth $526,869 in the last 90 days. Company insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in Coastal Financial by 188.4% during the 3rd 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. Philadelphia Financial Management of San Francisco LLC bought a new stake in Coastal Financial during the 3rd quarter worth $2,034,000. JPMorgan Chase & Co. lifted its holdings in Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock worth $6,321,000 after buying an additional 33,964 shares during the period. Riverwater Partners LLC lifted its holdings in Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after buying an additional 30,405 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock worth $3,097,000 after buying an additional 25,482 shares during the period. Institutional investors own 59.24% of the company’s stock.

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.