Coastal Financial (NASDAQ:CCB) Sets New 52-Week High - Should You Buy?

Shares of Coastal Financial Co. (NASDAQ:CCB - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $88.60 and last traded at $87.54, with a volume of 4854 shares changing hands. The stock had previously closed at $84.93.

Analyst Ratings Changes

Several brokerages have commented on CCB. Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. Hovde Group lifted their target price on Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research report on Thursday, December 12th.

Coastal Financial Trading Up 0.6 %

The firm has a market capitalization of $1.16 billion, a PE ratio of 28.77 and a beta of 1.22. 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 fifty day moving average of $78.85 and a 200-day moving average of $61.76.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million during 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, sell-side analysts anticipate that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jonathan E. Sand sold 1,000 shares of the company's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction 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 represents a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,705 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total value of $222,337.05. Following the completion of the transaction, the chief executive officer now directly owns 275,683 shares in the company, valued at $16,543,736.83. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,346 shares of company stock valued at $1,473,096 over the last ninety days. Corporate insiders own 16.82% of the company's stock.

Institutional Trading of Coastal Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Portside Wealth Group LLC raised its holdings in Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company's stock worth $252,000 after acquiring an additional 166 shares during the period. Parallel Advisors LLC grew its position in shares of Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company's stock valued at $369,000 after purchasing an additional 227 shares during the last quarter. FMR LLC increased its stake in shares of Coastal Financial by 21.0% in the third quarter. FMR LLC now owns 1,316 shares of the company's stock worth $71,000 after purchasing an additional 228 shares during the period. Empowered Funds LLC lifted its position in shares of Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company's stock worth $598,000 after purchasing an additional 536 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Coastal Financial during the 3rd quarter valued at approximately $31,000. 59.24% of the stock is currently 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.