Coastal Financial (NASDAQ:CCB) Sets New 52-Week High – What’s Next?

Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during trading on Wednesday . The stock traded as high as $89.58 and last traded at $88.08, with a volume of 33799 shares trading hands. The stock had previously closed at $86.36.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CCB. Raymond James reissued a “strong-buy” rating and set a $100.00 price target (up from $88.00) on shares of Coastal Financial in a research note on Wednesday. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group boosted their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $1.21 billion, a P/E ratio of 27.44 and a beta of 1.22. The stock’s fifty day simple moving average is $81.87 and its 200-day simple moving average is $64.85.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, February 4th. The company reported $0.94 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%. As a group, research analysts forecast that Coastal Financial Co. will post 4.79 earnings per share for the current fiscal year.

Insider Activity at Coastal Financial

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric M. Sprink sold 3,482 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $71.14, for a total value of $247,709.48. Following the completion of the transaction, the chief executive officer now directly owns 244,906 shares of the company’s stock, valued at $17,422,612.84. The trade was a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,482 shares of company stock worth $526,869 over the last quarter. Company insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new stake in shares of Coastal Financial during the 3rd quarter valued at $377,000. Barclays PLC raised its position in Coastal Financial by 60.0% during the third quarter. Barclays PLC now owns 31,804 shares of the company’s stock valued at $1,719,000 after purchasing an additional 11,922 shares during the period. PDT Partners LLC bought a new stake in Coastal Financial in the third quarter worth about $650,000. Charles Schwab Investment Management Inc. grew its stake in Coastal Financial by 188.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock worth $4,967,000 after acquiring an additional 60,106 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. increased its position in Coastal Financial by 214.0% during the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after purchasing an additional 20,525 shares during the period. 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.