Coastal Financial (NASDAQ:CCB) Hits New 12-Month High - Here's What Happened

Coastal Financial Co. (NASDAQ:CCB - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $79.59 and last traded at $77.99, with a volume of 79723 shares. The stock had previously closed at $76.69.

Analysts Set New Price Targets

CCB has been the topic of several research analyst reports. Raymond James boosted their price target 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 increased their price target on Coastal Financial from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Finally, Hovde Group raised their price objective 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 Stock Performance

The firm has a market cap of $1.05 billion, a PE ratio of 26.03 and a beta of 1.22. The firm's 50 day simple moving average is $61.40 and its 200 day simple moving average is $52.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released 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 the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, research analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of the firm's stock in a transaction dated 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 approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of the business's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now owns 316,912 shares of the company's stock, valued at $15,886,798.56. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,974 shares of company stock worth $4,321,616 over the last 90 days. 16.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Coastal Financial by 0.9% during the 1st 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Coastal Financial by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company's stock valued at $16,603,000 after acquiring an additional 20,517 shares during the period. State Street Corp raised its stake in Coastal Financial by 2.4% in the 3rd quarter. State Street Corp now owns 314,274 shares of the company's stock worth $16,968,000 after acquiring an additional 7,386 shares during the last quarter. Jacobs Asset Management LLC grew its stake in Coastal Financial by 9.1% during the 3rd quarter. Jacobs Asset Management LLC now owns 187,500 shares of the company's stock valued at $10,123,000 after purchasing an additional 15,683 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Coastal Financial by 23.3% in the second quarter. American Century Companies Inc. now owns 141,203 shares of the company's stock worth $6,515,000 after acquiring an additional 26,690 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

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.