Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – Time to Buy?

Shares of Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during trading on Wednesday . The company traded as high as $54.80 and last traded at $54.78, with a volume of 9322 shares trading hands. The stock had previously closed at $53.71.

Analyst Ratings Changes

A number of brokerages have commented on CCB. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. Hovde Group upped their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th.

Coastal Financial Stock Performance

The stock has a market capitalization of $729.73 million, a PE ratio of 18.78 and a beta of 1.24. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. The business’s fifty day moving average price is $50.86 and its 200-day moving average price is $46.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The company had revenue of $167.41 million for the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. As a group, equities research analysts expect that Coastal Financial Co. will post 3.52 EPS for the current year.

Insider Buying and Selling

In related news, Director Steven D. Hovde sold 1,497 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the transaction, the director now directly owns 26,500 shares in the company, valued at approximately $1,404,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total value of $51,560.00. Following the transaction, the chief executive officer now owns 312,689 shares in the company, valued at approximately $16,122,244.84. 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. Also, Director Steven D. Hovde sold 1,497 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the transaction, the director now owns 26,500 shares in the company, valued at $1,404,500. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,631 shares of company stock worth $2,276,550. Insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Coastal Financial in the third quarter worth $324,000. Truist Financial Corp lifted its stake in Coastal Financial by 19.5% in the second quarter. Truist Financial Corp now owns 19,423 shares of the company’s stock worth $896,000 after acquiring an additional 3,171 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Coastal Financial in the second quarter worth $332,000. AQR Capital Management LLC lifted its stake in Coastal Financial by 19.6% in the second quarter. AQR Capital Management LLC now owns 11,684 shares of the company’s stock worth $539,000 after acquiring an additional 1,912 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after acquiring an additional 20,517 shares during the period. 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.