Coastal Financial Co. (NASDAQ:CCB) Sees Large Decline in Short Interest

Coastal Financial Co. (NASDAQ:CCB) saw a large decline in short interest during the month of February. As of February 15th, there was short interest totalling 393,100 shares, a decline of 12.6% from the January 31st total of 449,700 shares. Based on an average daily volume of 116,600 shares, the days-to-cover ratio is currently 3.4 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ameriflex Group Inc. purchased a new position in Coastal Financial in the fourth quarter worth $172,000. Public Employees Retirement System of Ohio bought a new position in shares of Coastal Financial in the 4th quarter worth approximately $448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Coastal Financial by 101.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,417 shares of the company’s stock valued at $2,158,000 after purchasing an additional 12,814 shares in the last quarter. Westwood Holdings Group Inc. purchased a new stake in Coastal Financial in the fourth quarter worth $7,620,000. Finally, Squarepoint Ops LLC bought a new position in Coastal Financial in the fourth quarter worth $1,664,000. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Stock Down 4.3 %

NASDAQ CCB traded down $3.93 during trading hours on Thursday, hitting $87.04. The company’s stock had a trading volume of 66,124 shares, compared to its average volume of 125,788. 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 company’s 50-day simple moving average is $87.65 and its two-hundred day simple moving average is $71.79. The company has a market capitalization of $1.18 billion, a PE ratio of 26.70 and a beta of 1.21. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $102.25.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. Research analysts anticipate that Coastal Financial will post 4.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on CCB. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $96.00 to $114.00 and gave the company an “outperform” rating in a research note on Tuesday. Raymond James reissued a “strong-buy” rating and set a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Finally, Stephens reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Thursday, February 13th.

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.