Coastal Financial Co. (NASDAQ:CCB) Short Interest Update

Coastal Financial Co. (NASDAQ:CCB) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 361,600 shares, a decrease of 14.1% from the September 15th total of 421,100 shares. Based on an average trading volume of 69,100 shares, the days-to-cover ratio is presently 5.2 days. Currently, 3.3% of the company’s stock are sold short.

Coastal Financial Stock Performance

Shares of NASDAQ CCB opened at $58.21 on Wednesday. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $59.56. The company has a market cap of $781.12 million, a PE ratio of 20.35 and a beta of 1.24. The stock has a 50 day simple moving average of $51.50 and a 200-day simple moving average of $46.77. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. On average, equities research analysts forecast that Coastal Financial will post 3.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CCB shares. Hovde Group increased their target price on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the sale, the director now owns 26,500 shares in the company, valued at approximately $1,404,500. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Coastal Financial news, CEO Eric M. Sprink sold 5,000 shares of Coastal Financial stock in a transaction on Friday, October 11th. The shares were sold at an average price of $56.29, for a total value of $281,450.00. Following the completion of the transaction, the chief executive officer now owns 289,285 shares of the company’s stock, valued at $16,283,852.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the transaction, the director now directly owns 26,500 shares of the company’s stock, valued at $1,404,500. 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 51,631 shares of company stock worth $2,723,000 in the last ninety days. 16.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Coastal Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its stake 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 purchasing an additional 227 shares in the last quarter. Riverwater Partners LLC lifted its holdings in shares of Coastal Financial by 6.4% in 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 during the period. Cox Capital Mgt LLC boosted its stake in Coastal Financial by 1.6% during the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after buying an additional 556 shares in the last quarter. First Bank & Trust grew its holdings in Coastal Financial by 3.6% during the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after acquiring an additional 761 shares during the period. Finally, EntryPoint Capital LLC grew its holdings in Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 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.