Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – What’s Next?

Coastal Financial Co. (NASDAQ:CCB)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $79.59 and last traded at $77.99, with a volume of 79723 shares traded. The stock had previously closed at $76.69.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Raymond James boosted their target price on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods upped their price target on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th.

Coastal Financial Trading Down 0.1 %

The stock has a 50 day moving average of $61.93 and a 200-day moving average of $52.69. The company has a market capitalization of $1.05 billion, a P/E ratio of 26.03 and a beta of 1.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (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 the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, research analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the company’s 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 transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. This represents a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,477 shares of company stock worth $4,242,275 in the last three months. 16.82% of the stock is owned by company insiders.

Institutional Trading of Coastal Financial

Hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial during the 3rd quarter worth approximately $31,000. nVerses Capital LLC lifted its position in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after buying an additional 600 shares during the last quarter. FMR LLC lifted its position in Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares during the last quarter. Quantbot Technologies LP bought a new stake in Coastal Financial in the third quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Coastal Financial by 190.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after buying an additional 2,019 shares during 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.