Coastal Financial (NASDAQ:CCB) Sees Strong Trading Volume – Here’s What Happened

Coastal Financial Co. (NASDAQ:CCB) shares saw strong trading volume on Friday . 46,620 shares were traded during mid-day trading, a decline of 18% from the previous session’s volume of 57,105 shares.The stock last traded at $56.46 and had previously closed at $54.25.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group boosted their target price on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th.

Coastal Financial Stock Performance

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 stock has a market capitalization of $762.78 million, a PE ratio of 20.61 and a beta of 1.24. The stock has a 50 day moving average of $51.09 and a two-hundred day moving average of $46.45.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. Research analysts expect that Coastal Financial Co. will post 3.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coastal Financial news, CEO Eric M. Sprink sold 5,000 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $56.29, for a total transaction of $281,450.00. Following the sale, the chief executive officer now directly owns 289,285 shares in the company, valued at approximately $16,283,852.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Eric M. Sprink sold 5,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $56.29, for a total value of $281,450.00. Following the sale, the chief executive officer now directly owns 289,285 shares in the company, valued at $16,283,852.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric M. Sprink sold 3,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $55.00, for a total value of $165,000.00. Following the completion of the sale, the chief executive officer now owns 294,285 shares in the company, valued at $16,185,675. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,631 shares of company stock worth $2,723,000. 16.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors have recently added to or reduced their stakes in CCB. EntryPoint Capital LLC increased its stake in Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after purchasing an additional 1,439 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Coastal Financial in the first quarter valued at $207,000. Allspring Global Investments Holdings LLC increased its stake in Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the last quarter. Creative Planning acquired a new stake in Coastal Financial during the third quarter worth about $298,000. Finally, SG Americas Securities LLC acquired a new stake in Coastal Financial during the third quarter worth about $324,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.