Coastal Financial Co. (NASDAQ:CCB) Short Interest Up 49.3% in March

Coastal Financial Co. (NASDAQ:CCB - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 682,200 shares, an increase of 49.3% from the March 15th total of 457,000 shares. Approximately 6.1% of the shares of the company are sold short. Based on an average trading volume of 129,900 shares, the short-interest ratio is presently 5.3 days.

Analysts Set New Price Targets

Several research firms recently commented on CCB. Keefe, Bruyette & Woods upped their price target on shares of Coastal Financial from $96.00 to $114.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Raymond James reaffirmed a "strong-buy" rating on shares of Coastal Financial in a report on Wednesday, April 2nd. Finally, Stephens reissued an "overweight" rating and set a $100.00 price target on shares of Coastal Financial in a report on Tuesday, March 18th.

Coastal Financial Stock Performance

Coastal Financial stock traded up $1.52 during trading hours on Wednesday, reaching $88.40. 92,126 shares of the stock were exchanged, compared to its average volume of 90,502. Coastal Financial has a 52-week low of $37.51 and a 52-week high of $102.25. The stock has a market cap of $1.33 billion, a P/E ratio of 27.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm's 50 day moving average is $86.61 and its 200 day moving average is $79.88.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted 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 return on equity of 14.98% and a net margin of 6.43%. Analysts predict that Coastal Financial will post 4.59 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In other Coastal Financial news, Director Gregory A. Tisdel sold 1,600 shares of Coastal Financial stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the transaction, the director now owns 14,006 shares of the company's stock, valued at $1,107,454.42. The trade was a 10.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 16.82% of the stock is owned by corporate insiders.

Institutional Trading of Coastal Financial

Several hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its position in Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after acquiring an additional 461 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Coastal Financial in the fourth quarter valued at about $64,000. FMR LLC boosted its holdings in Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company's stock worth $71,000 after buying an additional 228 shares in the last quarter. New York State Teachers Retirement System acquired a new position in Coastal Financial during the fourth quarter worth about $87,000. Finally, USA Financial Formulas purchased a new position in Coastal Financial in the fourth quarter valued at about $122,000. 59.24% of the stock is owned by institutional investors and hedge funds.

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.