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

Shares of Coastal Financial Co. (NASDAQ:CCB) reached a new 52-week high during trading on Wednesday . The company traded as high as $72.29 and last traded at $70.55, with a volume of 13568 shares traded. The stock had previously closed at $63.91.

Analyst Ratings Changes

CCB has been the topic of a number of recent analyst reports. Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods upped their target price on 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 lifted their price target on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th.

Coastal Financial Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $954.31 million, a PE ratio of 24.41 and a beta of 1.22. The firm’s 50 day moving average price is $55.17 and its 200-day moving average price is $49.23.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results 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. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. On average, research analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Activity

In other Coastal Financial news, Director Steven D. Hovde sold 2,003 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Eric M. Sprink sold 7,302 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the transaction, the director now directly owns 27,997 shares in the company, valued at $1,491,120.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,977 shares of company stock worth $4,212,246 over the last 90 days. 16.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Portside Wealth Group LLC lifted its holdings in Coastal Financial by 3.7% in the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after acquiring an additional 166 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares during the last quarter. Riverwater Partners LLC grew 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 purchasing an additional 494 shares during the period. Empowered Funds LLC grew its holdings in shares of Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after purchasing an additional 536 shares during the period. Finally, nVerses Capital LLC increased its position in shares of Coastal Financial by 300.0% during 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 last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.