Coastal Financial (NASDAQ:CCB) Hits New 52-Week High After Better-Than-Expected Earnings

Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $61.50 and last traded at $61.50, with a volume of 19639 shares traded. The stock had previously closed at $58.45.

The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million.

Analysts Set New Price Targets

CCB has been the subject of a number of research reports. Raymond James raised their target price on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Hovde Group increased their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday.

Insider Buying and Selling at Coastal Financial

In other news, CEO Eric M. Sprink sold 3,705 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the sale, the chief executive officer now owns 275,683 shares of the company’s stock, valued at $16,543,736.83. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 3,705 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the transaction, the chief executive officer now owns 275,683 shares in the company, valued at approximately $16,543,736.83. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,495 shares of company stock worth $3,187,116. Corporate insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC raised its position in shares of Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after buying an additional 227 shares in the last quarter. Riverwater Partners LLC increased its position in Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after acquiring an additional 494 shares during the period. nVerses Capital LLC increased its holdings in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC raised its position in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Coastal Financial by 10.6% during the 2nd quarter. Rhumbline Advisers now owns 15,981 shares of the company’s stock worth $737,000 after buying an additional 1,535 shares during the period. Institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Up 2.9 %

The firm has a 50 day moving average price of $53.96 and a two-hundred day moving average price of $48.32. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The company has a market cap of $892.81 million, a price-to-earnings ratio of 21.72 and a beta of 1.24.

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.