Short Interest in Coastal Financial Co. (NASDAQ:CCB) Declines By 14.1%

Coastal Financial Co. (NASDAQ:CCB) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totalling 361,600 shares, a drop of 14.1% from the September 15th total of 421,100 shares. Based on an average daily trading volume, of 69,100 shares, the days-to-cover ratio is currently 5.2 days. Approximately 3.3% of the company’s stock are sold short.

Coastal Financial Trading Up 1.4 %

Coastal Financial stock traded up $0.79 during trading hours on Wednesday, reaching $59.00. 58,953 shares of the company’s stock were exchanged, compared to its average volume of 57,316. The firm has a market capitalization of $791.72 million, a PE ratio of 20.63 and a beta of 1.24. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $59.58. 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 firm’s 50 day simple moving average is $51.73 and its 200 day simple moving average is $46.86.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The business had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Research analysts predict that Coastal Financial will post 3.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

CCB has been the subject of several recent research reports. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. Hovde Group upped their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th.

Insider Buying and Selling

In related news, Director Steven D. Hovde sold 1,497 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,404,500. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Steven D. Hovde sold 1,556 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $53.50, for a total transaction of $83,246.00. Following the completion of the sale, the director now owns 24,000 shares of the company’s stock, valued at $1,284,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total transaction 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,631 shares of company stock worth $2,955,200. 16.82% of the stock is owned by corporate insiders.

Institutional Trading of Coastal Financial

A number of large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its stake in shares of Coastal Financial by 2.9% during the 2nd 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 grew its holdings in shares of Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after purchasing an additional 494 shares in the last quarter. Cox Capital Mgt LLC increased its position in shares of Coastal Financial by 1.6% during the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after purchasing an additional 556 shares during the last quarter. nVerses Capital LLC boosted its stake in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares in the last quarter. Finally, First Bank & Trust boosted its position in Coastal Financial by 3.6% during the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock valued at $846,000 after buying an additional 761 shares during the period. Hedge funds and other institutional investors own 59.24% of the company’s stock.

About Coastal Financial

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.