Coastal Financial (NASDAQ:CCB) Hits New 12-Month High – Here’s What Happened

Coastal Financial Co. (NASDAQ:CCB)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $88.60 and last traded at $87.54, with a volume of 4854 shares traded. The stock had previously closed at $84.93.

Analyst Upgrades and Downgrades

CCB has been the subject of several research reports. 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. Keefe, Bruyette & Woods lifted their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group upped their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company’s fifty day moving average price is $79.43 and its 200 day moving average price is $62.09. The company has a market cap of $1.15 billion, a PE ratio of 28.56 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The firm had revenue of $185.15 million during the quarter, compared to analyst estimates of $154.30 million. On average, equities research analysts predict that Coastal Financial Co. will post 3.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were 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 of the company’s stock, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric M. Sprink sold 2,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $70.95, for a total transaction of $141,900.00. Following the sale, the chief executive officer now directly owns 240,388 shares in the company, valued at $17,055,528.60. The trade was a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,346 shares of company stock valued at $1,473,096 over the last ninety days. 16.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new stake in shares of Coastal Financial in the third quarter worth about $377,000. Barclays PLC lifted its stake in Coastal Financial by 60.0% in the 3rd quarter. Barclays PLC now owns 31,804 shares of the company’s stock worth $1,719,000 after purchasing an additional 11,922 shares in the last quarter. PDT Partners LLC bought a new position in Coastal Financial in the 3rd quarter valued at $650,000. Charles Schwab Investment Management Inc. grew its position in shares of 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 purchasing an additional 60,106 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. raised its position in shares of Coastal Financial by 214.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after buying an additional 20,525 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

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.