Coastal Financial (NASDAQ:CCB) Hits New 52-Week High at $48.72

Shares of Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $48.72 and last traded at $48.71, with a volume of 5768 shares. The stock had previously closed at $47.85.

Analyst Upgrades and Downgrades

Separately, Hovde Group cut their price target on Coastal Financial from $57.50 to $55.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd.

Coastal Financial Price Performance

The firm has a market cap of $648.86 million, a PE ratio of 16.73 and a beta of 1.25. The stock has a 50 day simple moving average of $44.23 and a 200-day simple moving average of $41.32. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.11). The firm had revenue of $147.89 million for the quarter, compared to analysts’ expectations of $121.10 million. Coastal Financial had a net margin of 6.55% and a return on equity of 14.31%. Equities analysts anticipate that Coastal Financial Co. will post 3.47 earnings per share for the current fiscal year.

Insider Activity

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total transaction of $45,961.30. Following the sale, the chief financial officer now directly owns 56,369 shares in the company, valued at $2,505,602.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CCB. EntryPoint Capital LLC grew its holdings 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. SG Americas Securities LLC increased its position in shares of Coastal Financial by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock worth $177,000 after acquiring an additional 1,489 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Coastal Financial in the first quarter valued at approximately $207,000. BNP Paribas Financial Markets grew its stake in Coastal Financial by 18.0% in the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after purchasing an additional 1,766 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Coastal Financial in the 1st quarter worth $714,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.