Coastal Financial (NASDAQ:CCB) Sets New 1-Year High – Here’s What Happened

Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high on Monday . The company traded as high as $87.12 and last traded at $86.73, with a volume of 23925 shares trading hands. The stock had previously closed at $83.88.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Raymond James raised their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their price target on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Stock Performance

The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 28.54 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a 50 day simple moving average of $76.14 and a two-hundred day simple moving average of $59.83.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, analysts anticipate that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Insider Transactions at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the sale, the chief executive officer now owns 282,388 shares in the company, valued at approximately $16,714,545.72. This represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 34,346 shares of company stock worth $2,151,746. 16.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CCB. Point72 DIFC Ltd acquired a new stake in Coastal Financial in the third quarter valued at about $31,000. nVerses Capital LLC grew its holdings in Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the period. FMR LLC raised its position in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Coastal Financial in the third quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Coastal Financial by 190.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares during the period. Institutional investors and hedge funds 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.