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

Coastal Financial Co. (NASDAQ:CCB)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $86.38 and last traded at $85.98, with a volume of 135628 shares changing hands. The stock had previously closed at $83.72.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Hovde Group upped their price objective on shares of 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 target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th.

Coastal Financial Stock Up 2.7 %

The firm has a market capitalization of $1.16 billion, a PE ratio of 28.95 and a beta of 1.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average of $73.59 and a two-hundred day moving average of $58.40.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate 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 13.86% and a net margin of 5.98%. On average, equities research analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 5,000 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $52.01, for a total value of $260,050.00. Following the completion of the sale, the chief executive officer now owns 305,285 shares in the company, valued at approximately $15,877,872.85. This trade represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’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 transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,346 shares of company stock worth $2,730,336. Company insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. purchased a new position in Coastal Financial in the third quarter valued at about $377,000. PDT Partners LLC purchased a new position in shares of Coastal Financial during the 3rd quarter valued at approximately $650,000. Charles Schwab Investment Management Inc. grew its position in shares of Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after buying an additional 60,106 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. increased its stake in shares of Coastal Financial by 214.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after buying an additional 20,525 shares during the last quarter. Finally, State Street Corp raised its holdings in Coastal Financial by 2.4% in 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. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.