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

Coastal Financial Co. (NASDAQ:CCB)’s share price hit a new 52-week high on Tuesday . The company traded as high as $86.38 and last traded at $85.98, with a volume of 135628 shares. The stock had previously closed at $83.72.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Raymond James lifted their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Hovde Group boosted their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods raised their target price on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th.

Coastal Financial Trading Down 1.2 %

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 capitalization of $1.15 billion, a P/E ratio of 28.59 and a beta of 1.24. The business’s fifty day simple moving average is $75.14 and its two-hundred day simple moving average is $59.16.

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

Insider Activity at Coastal Financial

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 stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the sale, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 6,000 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $53.09, for a total value of $318,540.00. Following the completion of the transaction, the chief executive officer now directly owns 297,285 shares of the company’s stock, valued at approximately $15,782,860.65. The trade was a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,346 shares of company stock worth $2,470,286. 16.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd acquired a new stake in shares of Coastal Financial during the third quarter worth approximately $31,000. nVerses Capital LLC grew its position in 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 acquiring an additional 600 shares during the last quarter. FMR LLC increased its holdings 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 purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP bought a new position in Coastal Financial in the 3rd quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Coastal Financial by 190.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.