Short Interest in Coastal Financial Co. (NASDAQ:CCB) Increases By 21.8%

Coastal Financial Co. (NASDAQ:CCB) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 386,300 shares, a growth of 21.8% from the December 31st total of 317,100 shares. Based on an average daily volume of 102,800 shares, the days-to-cover ratio is presently 3.8 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCB. Raymond James reissued a “strong-buy” rating and set a $100.00 target price (up from $88.00) on shares of Coastal Financial in a report on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Finally, Hovde Group lifted their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Coastal Financial Trading Down 0.8 %

Shares of CCB stock opened at $89.18 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.21 billion, a P/E ratio of 27.44 and a beta of 1.22. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $91.39. The stock’s fifty day simple moving average is $82.12 and its 200 day simple moving average is $65.21.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. As a group, sell-side analysts predict that Coastal Financial will post 4.79 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 3,482 shares of the business’s 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 sale, the chief executive officer now directly owns 244,906 shares in the company, valued at $17,422,612.84. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were 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 in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 7,482 shares of company stock worth $526,869. 16.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CCB. Point72 DIFC Ltd bought a new position in shares of Coastal Financial during the 3rd quarter worth about $31,000. nVerses Capital LLC boosted its holdings in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in Coastal Financial in the fourth quarter valued at approximately $87,000. FMR LLC increased its holdings in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after acquiring an additional 228 shares in the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Coastal Financial during the fourth quarter worth approximately $122,000. 59.24% of the stock is 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.