Coastal Financial (NASDAQ:CCB) Stock Price Up 8.3% – Here’s Why

Coastal Financial Co. (NASDAQ:CCB)’s stock price traded up 8.3% during mid-day trading on Thursday . The company traded as high as $91.96 and last traded at $93.56. 25,738 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 83,740 shares. The stock had previously closed at $86.41.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CCB. Keefe, Bruyette & Woods upped their price objective on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Stephens restated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th. Finally, Raymond James reiterated a “strong-buy” rating and set a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th.

Coastal Financial Stock Up 7.4 %

The stock has a market capitalization of $1.39 billion, a PE ratio of 28.57 and a beta of 1.21. 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 company’s 50-day moving average is $87.83 and its 200 day moving average is $75.25.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results 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 14.98% and a net margin of 6.43%. As a group, analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CCB. First Trust Advisors LP increased its stake in Coastal Financial by 1.9% during the 4th quarter. First Trust Advisors LP now owns 8,297 shares of the company’s stock worth $704,000 after buying an additional 156 shares in the last quarter. FMR LLC raised its holdings in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Coastal Financial by 5.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company’s stock worth $548,000 after purchasing an additional 343 shares during the period. Franklin Resources Inc. raised its holdings in shares of Coastal Financial by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 45,886 shares of the company’s stock valued at $3,896,000 after buying an additional 400 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after purchasing an additional 461 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

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.