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

by · The Markets Daily

Coastal Financial Corporation (NASDAQ:CCB – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $119.58 and last traded at $117.41, with a volume of 148517 shares. The stock had previously closed at $115.12.

Wall Street Analyst Weigh In

CCB has been the topic of several recent research reports. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research report on Monday, August 18th. TD Cowen increased their price target on shares of Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 1st. Finally, Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Coastal Financial presently has an average rating of “Buy” and a consensus target price of $125.17.

Get Our Latest Report on CCB

Coastal Financial Stock Performance

The stock’s 50 day moving average price is $107.49 and its 200 day moving average price is $103.61. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 36.10 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB – Get Free Report) last released its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The company had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. On average, analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Activity

In other news, Director Steven D. Hovde sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director directly owned 11,500 shares in the company, valued at $1,348,375. This represents a 20.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Eric M. Sprink sold 10,683 shares of the business’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the sale, the chief executive officer directly owned 211,011 shares of the company’s stock, valued at approximately $24,192,411.15. This trade represents a 4.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 68,069 shares of company stock valued at $7,591,918 in the last ninety days. Company insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial in the third quarter valued at about $64,000. Russell Investments Group Ltd. boosted its holdings in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Farther Finance Advisors LLC grew its position in Coastal Financial by 634.4% in the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after acquiring an additional 774 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of Coastal Financial during the third quarter valued at approximately $102,000. Finally, First Horizon Corp acquired a new position in shares of Coastal Financial during the third quarter worth $122,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

About Coastal Financial

(Get Free Report)

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.

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