Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – Here’s Why

Shares of Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $91.92 and last traded at $90.46, with a volume of 6964 shares. The stock had previously closed at $89.97.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CCB. Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Raymond James restated a “strong-buy” rating and issued a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Hovde Group upped their price objective 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. Finally, Stephens restated an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a report on Thursday, February 13th.

Coastal Financial Trading Down 0.9 %

The stock’s fifty day moving average price is $85.38 and its 200 day moving average price is $68.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.24 billion, a PE ratio of 28.14 and a beta of 1.23.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (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%. On average, sell-side analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its position in shares of Coastal Financial by 47.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock valued at $112,279,000 after purchasing an additional 423,864 shares during the period. Vanguard Group Inc. raised its position in shares of Coastal Financial by 11.4% during the 4th quarter. Vanguard Group Inc. now owns 685,385 shares of the company’s stock valued at $58,196,000 after purchasing an additional 70,272 shares during the period. Wellington Management Group LLP raised its position in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock valued at $38,794,000 after purchasing an additional 417,767 shares during the period. Azora Capital LP bought a new stake in shares of Coastal Financial during the 4th quarter valued at $33,794,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Coastal Financial by 9.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company’s stock valued at $32,727,000 after purchasing an additional 33,980 shares during the period. 59.24% of the stock is currently owned by institutional investors.

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.