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

Coastal Financial Co. (NASDAQ:CCB) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 342,800 shares, a drop of 8.3% from the October 15th total of 373,800 shares. Approximately 3.1% of the company’s stock are short sold. Based on an average daily trading volume, of 68,600 shares, the short-interest ratio is presently 5.0 days.

Insiders Place Their Bets

In related news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the completion of the transaction, the director now directly owns 26,500 shares in the company, valued at $1,404,500. This trade represents a 5.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $51.56, for a total transaction of $51,560.00. Following the sale, the chief executive officer now directly owns 312,689 shares in the company, valued at $16,122,244.84. The trade was a 0.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,977 shares of company stock worth $4,428,296 over the last three months. Company insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd bought a new stake in shares of Coastal Financial in the third quarter worth approximately $31,000. nVerses Capital LLC grew its position in Coastal Financial by 300.0% in 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 period. FMR LLC raised its stake in Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after buying an additional 228 shares during the last quarter. EntryPoint Capital LLC raised its stake in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Coastal Financial during the 3rd quarter valued at $119,000. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

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

Coastal Financial Stock Down 0.8 %

Shares of CCB traded down $0.57 on Monday, hitting $72.75. 26,660 shares of the stock traded hands, compared to its average volume of 60,555. The company has a market capitalization of $985.04 million, a PE ratio of 24.69 and a beta of 1.22. Coastal Financial has a one year low of $35.67 and a one year high of $74.58. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50 day simple moving average of $58.35 and a 200 day simple moving average of $51.04.

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