Coastal Financial (NASDAQ:CCB) Hits New 1-Year High Following Strong Earnings

Coastal Financial Co. (NASDAQ:CCB) shares reached a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $61.50 and last traded at $61.50, with a volume of 19639 shares. The stock had previously closed at $58.45.

The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday. Raymond James upped their price target on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Finally, Hovde Group raised their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 3,705 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the sale, the chief executive officer now directly owns 275,683 shares of the company’s stock, valued at approximately $16,543,736.83. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total value of $59,190.00. Following the sale, the chief executive officer now owns 282,388 shares of the company’s stock, valued at approximately $16,714,545.72. The trade was a 0.00 % decrease in their ownership of the stock. 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 3,705 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the completion of the transaction, the chief executive officer now owns 275,683 shares of the company’s stock, valued at approximately $16,543,736.83. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,495 shares of company stock valued at $3,187,116. 16.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Large investors have recently made changes to their positions in the stock. Rosenthal Henry Capital Advisors Inc. grew its holdings in Coastal Financial by 214.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after purchasing an additional 20,525 shares during the period. Riverwater Partners LLC boosted its stake in shares of Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after acquiring an additional 30,405 shares during the period. Moss Adams Wealth Advisors LLC acquired a new position in shares of Coastal Financial during the 3rd quarter worth approximately $1,020,000. nVerses Capital LLC raised its stake in Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 600 shares during the period. Finally, Creative Planning acquired a new stake in Coastal Financial during the 3rd quarter valued at $298,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Performance

The stock has a market capitalization of $895.77 million, a P/E ratio of 21.72 and a beta of 1.24. The stock’s 50-day simple moving average is $53.96 and its 200 day simple moving average is $48.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03.

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.