Coastal Financial (NASDAQ:CCB) Sets New 52-Week High – Should You Buy?

Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $74.52 and last traded at $74.18, with a volume of 17386 shares traded. The stock had previously closed at $72.51.

Wall Street Analyst Weigh In

CCB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Hovde Group raised their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th.

Coastal Financial Stock Down 0.5 %

The company has a market capitalization of $992.48 million, a PE ratio of 24.68 and a beta of 1.22. The company’s 50 day moving average is $57.88 and its two-hundred day moving average is $50.63. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS 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 business had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. On average, analysts anticipate that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares of the company’s stock, valued at $15,886,798.56. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,977 shares of company stock valued at $4,428,296 in the last three months. Corporate insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently made changes to their positions in the company. Portside Wealth Group LLC lifted its holdings in Coastal Financial by 3.7% during the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after buying an additional 166 shares in the last quarter. Parallel Advisors LLC lifted its holdings in 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 buying an additional 227 shares in the last quarter. FMR LLC lifted its holdings in Coastal Financial by 21.0% during 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 in the last quarter. Riverwater Partners LLC lifted its holdings in Coastal Financial by 6.4% during the 2nd 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. Finally, Empowered Funds LLC lifted its holdings in Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock valued at $598,000 after buying an additional 536 shares in the last quarter. Institutional investors 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.