Coastal Financial (NASDAQ:CCB) Sets New 52-Week High – Should You Buy?

Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during trading on Wednesday . The company traded as high as $74.52 and last traded at $74.18, with a volume of 17386 shares changing hands. The stock had previously closed at $72.51.

Analyst Upgrades and Downgrades

A number of research firms have commented on CCB. Hovde Group raised their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th.

Coastal Financial Stock Performance

The business’s 50-day moving average price is $57.88 and its 200-day moving average price is $50.63. 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 stock has a market cap of $992.48 million, a PE ratio of 24.68 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The firm had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. As a group, equities research analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the sale, the chief executive officer now owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,977 shares of company stock valued at $4,428,296. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of CCB. nVerses Capital LLC lifted its stake in Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after acquiring an additional 600 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after purchasing an additional 1,439 shares during the period. FMR LLC lifted its stake in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares during the period. Quantbot Technologies LP acquired a new position in shares of Coastal Financial in the 3rd quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock valued at $166,000 after purchasing an additional 2,019 shares during the period. 59.24% of the stock is currently 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.