Coastal Financial (NASDAQ:CCB) Sets New 1-Year High – Time to Buy?

Coastal Financial Co. (NASDAQ:CCB)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $74.52 and last traded at $74.18, with a volume of 17386 shares traded. The stock had previously closed at $72.51.

Analysts Set New Price Targets

Several research firms have weighed in on CCB. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Hovde Group increased their target price on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Raymond James raised their price target on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th.

Coastal Financial Price Performance

The stock has a market capitalization of $996.81 million, a PE ratio of 24.82 and a beta of 1.22. The firm’s 50 day simple moving average is $56.99 and its 200 day simple moving average is $50.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last posted its quarterly 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. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The business had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. As a group, equities analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In other news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven D. Hovde sold 2,003 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now owns 27,997 shares of the company’s stock, valued at approximately $1,491,120.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,977 shares of company stock worth $4,428,296 in the last ninety days. 16.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CCB. Portside Wealth Group LLC boosted its stake in shares of Coastal Financial by 3.7% during the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after purchasing an additional 166 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Coastal Financial by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after acquiring an additional 227 shares during the period. FMR LLC raised its position in shares of Coastal Financial by 21.0% in the 3rd 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. Riverwater Partners LLC lifted its stake in shares of Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after purchasing an additional 494 shares during the period. Finally, Empowered Funds LLC boosted its position in shares of Coastal Financial by 5.1% during the third quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock valued at $598,000 after purchasing an additional 536 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.