Coastal Financial (NASDAQ:CCB) Sets New 12-Month High – Still a Buy?

Shares of Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $86.38 and last traded at $85.98, with a volume of 135628 shares traded. The stock had previously closed at $83.72.

Analysts Set New Price Targets

A number of research firms recently weighed in on CCB. Raymond James lifted their price target on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Finally, Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th.

Coastal Financial Price Performance

The firm has a market cap of $1.16 billion, a PE ratio of 28.95 and a beta of 1.24. 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 50 day moving average price of $73.59 and a 200 day moving average price of $58.40.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping 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 company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. On average, sell-side analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $59.19, for a total transaction of $59,190.00. Following the sale, the chief executive officer now owns 282,388 shares in the company, valued at approximately $16,714,545.72. This represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 45,346 shares of company stock valued at $2,730,336. Insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

A number of institutional investors have recently made changes to their positions in CCB. Point72 DIFC Ltd purchased a new stake in Coastal Financial during the 3rd quarter worth about $31,000. nVerses Capital LLC boosted its stake in shares of Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares during the last quarter. FMR LLC grew its holdings in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after buying an additional 228 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Coastal Financial in the third quarter valued at approximately $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Coastal Financial by 190.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after buying an additional 2,019 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

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.