Coastal Financial (NASDAQ:CCB) Hits New 1-Year High – Here’s Why

Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $54.80 and last traded at $54.78, with a volume of 9322 shares changing hands. The stock had previously closed at $53.71.

Analysts Set New Price Targets

Several research firms have recently weighed in on CCB. Hovde Group raised their price objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Coastal Financial Trading Up 4.5 %

The company’s 50-day moving average is $50.94 and its 200 day moving average is $46.25. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The firm has a market cap of $762.78 million, a PE ratio of 20.41 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The company had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. As a group, sell-side analysts predict that Coastal Financial Co. will post 3.56 EPS for the current year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.25, for a total value of $217,000.00. Following the transaction, the chief executive officer now owns 309,689 shares in the company, valued at approximately $16,800,628.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Coastal Financial news, CEO Eric M. Sprink sold 4,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.25, for a total value of $217,000.00. Following the transaction, the chief executive officer now owns 309,689 shares in the company, valued at $16,800,628.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the sale, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,631 shares of company stock valued at $2,276,550 in the last 90 days. 16.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Coastal Financial

A number of institutional investors have recently added to or reduced their stakes in CCB. Parallel Advisors LLC raised its holdings in shares of Coastal Financial by 2.9% during 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 in the last quarter. Riverwater Partners LLC raised its holdings in Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after buying an additional 494 shares in the last quarter. Cox Capital Mgt LLC lifted its position in shares of Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after buying an additional 556 shares during the last quarter. First Bank & Trust boosted its stake in shares of Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after acquiring an additional 761 shares in the last quarter. Finally, EntryPoint Capital LLC increased its holdings 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 acquiring an additional 1,439 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.