Coastal Financial Co. (NASDAQ:CCB) Sees Large Growth in Short Interest

Coastal Financial Co. (NASDAQ:CCB) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 529,500 shares, a growth of 5.7% from the June 30th total of 500,800 shares. Currently, 4.8% of the shares of the company are sold short. Based on an average trading volume of 57,300 shares, the days-to-cover ratio is currently 9.2 days.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CCB shares. Hovde Group increased their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research note on Tuesday.

Insider Activity at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the completion of the transaction, the chief financial officer now owns 56,369 shares in the company, valued at approximately $2,505,602.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coastal Financial

A number of large investors have recently modified their holdings of the company. Rosenthal Henry Capital Advisors Inc. bought a new stake in Coastal Financial during the second quarter valued at $443,000. Allspring Global Investments Holdings LLC lifted its position in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Coastal Financial by 11.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock worth $2,251,000 after buying an additional 5,053 shares during the last quarter. Arcus Capital Partners LLC purchased a new stake in shares of Coastal Financial during the 2nd quarter valued at $378,000. Finally, Riverwater Partners LLC lifted its holdings in shares of Coastal Financial by 6.4% during the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after acquiring an additional 494 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Stock Performance

Coastal Financial stock traded down $1.19 during mid-day trading on Thursday, reaching $51.51. The company’s stock had a trading volume of 92,234 shares, compared to its average volume of 57,287. The company has a market capitalization of $691.26 million, a P/E ratio of 17.99 and a beta of 1.25. The firm’s fifty day moving average price is $46.46 and its two-hundred day moving average price is $42.10. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.54. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a return on equity of 13.60% and a net margin of 6.07%. Sell-side analysts predict that Coastal Financial will post 3.52 EPS for the current fiscal year.

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.