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

Shares of Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high on Wednesday . The stock traded as high as $75.00 and last traded at $75.00, with a volume of 245 shares. The stock had previously closed at $73.59.

Analyst Upgrades and Downgrades

CCB has been the subject of several research reports. Hovde Group raised their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Raymond James lifted their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th.

Coastal Financial Trading Up 0.7 %

The business has a 50 day moving average price of $60.31 and a 200-day moving average price of $51.82. 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 has a market cap of $1.02 billion, a P/E ratio of 25.36 and a beta of 1.22.

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

Insider Activity at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 7,302 shares of the 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 sale, the chief executive officer now owns 316,912 shares of the company’s stock, valued at $15,886,798.56. This represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,977 shares of company stock valued at $4,428,296 over the last 90 days. Insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after buying an additional 60,106 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in Coastal Financial during the 3rd quarter valued at about $2,034,000. Riverwater Partners LLC lifted its stake in Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after acquiring an additional 30,405 shares during the period. American Century Companies Inc. lifted its stake in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after acquiring an additional 26,690 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after acquiring an additional 25,482 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.