Coastal Financial (NASDAQ:CCB) Sets New 1-Year High at $54.00

Coastal Financial Co. (NASDAQ:CCB)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $54.00 and last traded at $53.80, with a volume of 15508 shares traded. The stock had previously closed at $52.99.

Wall Street Analysts Forecast Growth

CCB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. Hovde Group boosted their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th.

Coastal Financial Stock Up 1.7 %

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 company has a market cap of $722.88 million, a PE ratio of 18.53 and a beta of 1.24. The business’s 50 day moving average is $50.79 and its 200-day moving average is $45.36.

Coastal Financial (NASDAQ:CCB) last issued its earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. As a group, analysts predict that Coastal Financial Co. will post 3.52 EPS for the current year.

Insider Transactions at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the sale, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,404,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total value of $79,341.00. Following the sale, the director now owns 26,500 shares in the company, valued at approximately $1,404,500. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,631 shares of company stock valued at $1,323,280. 16.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cox Capital Mgt LLC increased its stake in Coastal Financial by 1.6% in the first quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after purchasing an additional 556 shares during the period. First Bank & Trust lifted its position in Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after acquiring an additional 761 shares during the period. Norden Group LLC purchased a new position in shares of Coastal Financial in the 1st quarter valued at approximately $1,488,000. Diversify Advisory Services LLC acquired a new position in shares of Coastal Financial in the first quarter valued at approximately $714,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Coastal Financial by 18.0% during the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after purchasing an additional 1,766 shares during the last quarter. Hedge funds and other 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.