Coastal Financial Co. (NASDAQ:CCB) Short Interest Down 8.3% in October

Coastal Financial Co. (NASDAQ:CCB) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 342,800 shares, a drop of 8.3% from the October 15th total of 373,800 shares. Currently, 3.1% of the company’s stock are sold short. Based on an average trading volume of 68,600 shares, the short-interest ratio is presently 5.0 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their target price on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Hovde Group upped their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th.

Insider Buying and Selling at Coastal Financial

In related news, CEO Eric M. Sprink sold 1,000 shares of Coastal Financial stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $51.56, for a total transaction of $51,560.00. Following the transaction, the chief executive officer now owns 312,689 shares of the company’s stock, valued at $16,122,244.84. The trade was a 0.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Hovde sold 2,050 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the transaction, the director now owns 21,950 shares in the company, valued at approximately $1,174,544.50. This trade represents a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,977 shares of company stock valued at $4,428,296. Company insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in Coastal Financial by 18.0% during the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock valued at $450,000 after buying an additional 1,766 shares during the period. Vanguard Group Inc. grew its holdings in shares of Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares in the last quarter. EntryPoint Capital LLC increased its position in shares of Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Coastal Financial in the first quarter worth approximately $207,000. Finally, Kennedy Capital Management LLC lifted its position in Coastal Financial by 3.1% during the first quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock valued at $10,704,000 after purchasing an additional 8,230 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Stock Performance

Shares of NASDAQ:CCB traded up $0.02 during trading on Friday, hitting $73.32. 59,110 shares of the company were exchanged, compared to its average volume of 93,572. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $74.58. The stock has a 50 day moving average of $58.35 and a 200 day moving average of $50.95. 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 $992.75 million, a PE ratio of 24.69 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data 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 business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, equities research analysts predict that Coastal Financial will post 3.55 EPS for the current year.

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.