Coastal Financial Co. (NASDAQ:CCB) Sees Large Drop in Short Interest

Coastal Financial Co. (NASDAQ:CCB) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 342,800 shares, a decline of 8.3% from the October 15th total of 373,800 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average daily volume of 68,600 shares, the days-to-cover ratio is currently 5.0 days.

Coastal Financial Trading Down 0.8 %

Coastal Financial stock traded down $0.57 during trading hours on Monday, reaching $72.75. The company had a trading volume of 26,660 shares, compared to its average volume of 60,555. The firm has a market cap of $985.04 million, a price-to-earnings ratio of 24.69 and a beta of 1.22. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $74.58. 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 company has a 50-day moving average price of $58.35 and a 200 day moving average price of $51.04.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS 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 net margin of 5.98% and a return on equity of 13.86%. Equities analysts forecast that Coastal Financial will post 3.55 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the sale, the director now owns 27,997 shares in the company, valued at $1,491,120.22. This trade represents a 6.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares of the company’s stock, valued at $15,886,798.56. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,977 shares of company stock worth $4,428,296 over the last three months. 16.82% of the stock is owned by insiders.

Institutional Trading of Coastal Financial

Institutional investors have recently modified their holdings of the company. Barclays PLC raised its position in Coastal Financial by 60.0% during the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock valued at $1,719,000 after purchasing an additional 11,922 shares during the last quarter. State Street Corp raised its holdings in shares of Coastal Financial by 2.4% during the third quarter. State Street Corp now owns 314,274 shares of the company’s stock valued at $16,968,000 after acquiring an additional 7,386 shares in the last quarter. Stifel Financial Corp lifted its stake in Coastal Financial by 7.5% in the third quarter. Stifel Financial Corp now owns 70,925 shares of the company’s stock worth $3,829,000 after acquiring an additional 4,925 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new stake in Coastal Financial in the third quarter valued at $2,034,000. Finally, Point72 DIFC Ltd purchased a new position in Coastal Financial during the 3rd quarter valued at $31,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.