Coastal Financial (NASDAQ:CCB) Sets New 1-Year High at $54.00

Shares of Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.00 and last traded at $53.80, with a volume of 15508 shares trading hands. The stock had previously closed at $52.99.

Wall Street Analysts Forecast Growth

CCB has been the subject of several analyst reports. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group lifted their price target on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th.

Coastal Financial Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50 day moving average of $50.79 and a two-hundred day moving average of $45.36. The stock has a market cap of $722.88 million, a PE ratio of 18.53 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The firm had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. Sell-side analysts anticipate that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at $15,886,798.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the transaction, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven D. Hovde sold 2,003 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now directly owns 27,997 shares in the company, valued at approximately $1,491,120.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,631 shares of company stock worth $1,323,280. 16.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in Coastal Financial by 2.9% during the second 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 last quarter. Riverwater Partners LLC raised its holdings in 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 buying an additional 494 shares during the period. Cox Capital Mgt LLC lifted its position in Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after buying an additional 556 shares during the last quarter. First Bank & Trust boosted its stake in Coastal Financial by 3.6% during the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after buying an additional 761 shares during the period. Finally, EntryPoint Capital LLC increased its position in shares of Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after acquiring an additional 1,439 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.