Coastal Financial (NASDAQ:CCB) Reaches New 12-Month High – Time to Buy?

Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during trading on Tuesday . The stock 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods increased their target price 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. Hovde Group raised their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James upped their target price 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’s 50 day simple moving average is $61.40 and its 200-day simple moving average is $52.45. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 26.26 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $185.15 million for 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%. Equities research analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % 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 2,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $70.95, for a total value of $141,900.00. Following the sale, the chief executive officer now directly owns 240,388 shares in the company, valued at $17,055,528.60. This represents a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,974 shares of company stock valued at $4,321,616 over the last quarter. 16.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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