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

Shares of Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during trading on Wednesday . The stock traded as high as $89.58 and last traded at $88.08, with a volume of 33799 shares trading hands. The stock had previously closed at $86.36.

Analysts Set New Price Targets

CCB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Hovde Group boosted their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Raymond James reissued a “strong-buy” rating and issued a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday.

Coastal Financial Trading Up 4.1 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 30.21 and a beta of 1.22. The business has a 50 day simple moving average of $81.28 and a 200 day simple moving average of $64.50.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, equities analysts forecast that Coastal Financial Co. will post 3.53 EPS for the current year.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 3,482 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.14, for a total value of $247,709.48. Following the completion of the sale, the chief executive officer now directly owns 244,906 shares in the company, valued at $17,422,612.84. This represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the 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 of the company’s stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,482 shares of company stock worth $526,869. 16.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Coastal Financial

Large investors have recently modified their holdings of the business. Point72 DIFC Ltd bought a new stake in Coastal Financial during the 3rd quarter worth about $31,000. nVerses Capital LLC grew its stake in Coastal Financial by 300.0% in the third 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. FMR LLC grew its stake in Coastal Financial by 21.0% in the third 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 third quarter valued at approximately $119,000. Finally, USA Financial Formulas bought a new position in Coastal Financial in the fourth quarter valued at approximately $122,000. 59.24% of the stock is currently owned by institutional investors.

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.