Coastal Financial (NASDAQ:CCB) Sees Strong Trading Volume – Should You Buy?

Coastal Financial Co. (NASDAQ:CCB) saw unusually-strong trading volume on Wednesday . Approximately 65,477 shares were traded during trading, an increase of 8% from the previous session’s volume of 60,489 shares.The stock last traded at $75.50 and had previously closed at $74.69.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday. Raymond James lifted their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th.

Coastal Financial Stock Up 1.9 %

The firm’s fifty day simple moving average is $67.81 and its 200-day simple moving average is $55.25. The company has a market cap of $1.09 billion, a PE ratio of 27.09 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The firm had revenue of $185.15 million for the quarter, compared to analyst estimates 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.

Insider Activity

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric M. Sprink sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $52.02, for a total transaction of $364,140.00. Following the completion of the sale, the chief executive officer now owns 302,689 shares of the company’s stock, valued at approximately $15,745,881.78. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,619 shares of company stock valued at $3,792,980 over the last 90 days. Insiders own 16.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in Coastal Financial by 188.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after acquiring an additional 60,106 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in Coastal Financial in the third quarter worth $2,034,000. Riverwater Partners LLC increased its holdings in shares of Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after acquiring an additional 30,405 shares during the period. American Century Companies Inc. lifted its position in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after purchasing an additional 25,482 shares during the period. 59.24% of the stock is 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.