Coastal Financial (NASDAQ:CCB) Sets New 12-Month High on Better-Than-Expected Earnings

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

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Coastal Financial news, CEO Eric M. Sprink sold 3,705 shares of the business’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 transaction of $222,337.05. Following the completion of the sale, the chief executive officer now directly owns 275,683 shares in the company, valued at $16,543,736.83. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Eric M. Sprink sold 3,705 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total transaction of $222,337.05. Following the sale, the chief executive officer now owns 275,683 shares in the company, valued at $16,543,736.83. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,495 shares of company stock valued at $3,187,116. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Large investors have recently added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in Coastal Financial in the first quarter valued at approximately $1,488,000. Diversify Advisory Services LLC bought a new position in Coastal Financial during the first quarter valued at about $714,000. BNP Paribas Financial Markets lifted its position in shares of Coastal Financial by 18.0% in the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after buying an additional 1,766 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Coastal Financial by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after acquiring an additional 5,592 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 owned by institutional investors and hedge funds.

Coastal Financial Price Performance

The stock has a 50 day moving average of $53.96 and a two-hundred day moving average of $48.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $892.81 million, a P/E ratio of 21.72 and a beta of 1.24.

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.