Coastal Financial (NASDAQ:CCB) Reaches New 12-Month High Following Analyst Upgrade

Coastal Financial Co. (NASDAQ:CCB)’s share price hit a new 52-week high during mid-day trading on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $92.00 to $96.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Coastal Financial traded as high as $79.99 and last traded at $79.37, with a volume of 11315 shares changing hands. The stock had previously closed at $78.98.

Several other equities analysts have also recently weighed in on CCB. Raymond James lifted their price target 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. Hovde Group upped their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th.

Insider Buying and Selling

In related 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 sale, the chief executive officer now directly owns 312,689 shares of the company’s stock, valued at $16,122,244.84. This trade represents a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven D. Hovde sold 2,050 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the transaction, the director now directly owns 21,950 shares of the company’s stock, valued at approximately $1,174,544.50. This represents a 8.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,619 shares of company stock worth $3,792,980. Corporate insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new stake in Coastal Financial in the 3rd quarter worth approximately $31,000. nVerses Capital LLC lifted its holdings in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the last quarter. FMR LLC boosted its stake in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new position in Coastal Financial in the 3rd quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Coastal Financial by 190.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Up 3.2 %

The firm’s 50-day simple moving average is $68.41 and its 200-day simple moving average is $55.52. The firm has a market capitalization of $1.12 billion, a PE ratio of 27.95 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The business had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Equities analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current year.

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.