Coastal Financial (NASDAQ:CCB) Sets New 1-Year High - Time to Buy?

Coastal Financial Co. (NASDAQ:CCB - Get Free Report)'s stock price hit a new 52-week high on Monday . The company traded as high as $87.12 and last traded at $86.73, with a volume of 23925 shares changing hands. The stock had previously closed at $83.88.

Analyst Upgrades and Downgrades

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

Coastal Financial Trading Up 1.0 %

The business's 50 day simple moving average is $76.56 and its 200-day simple moving average is $60.12. The stock has a market capitalization of $1.15 billion, a P/E ratio of 28.54 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.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The business had revenue of $185.15 million during the quarter, compared to analysts' expectations of $154.30 million. As a group, analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current year.

Insider Buying and Selling

In related news, CEO Eric M. Sprink sold 2,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $70.95, for a total transaction of $141,900.00. Following the transaction, the chief executive officer now directly owns 240,388 shares in the company, valued at approximately $17,055,528.60. The trade was a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the stock in a transaction on Monday, November 11th. The shares were 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 of the company's stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,346 shares of company stock valued at $2,151,746. 16.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Coastal Financial by 188.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company's stock worth $4,967,000 after purchasing an additional 60,106 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Coastal Financial during the 3rd quarter worth about $2,034,000. JPMorgan Chase & Co. grew its stake in Coastal Financial by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company's stock valued at $6,321,000 after buying an additional 33,964 shares during the last quarter. Riverwater Partners LLC raised its holdings in Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company's stock valued at $2,012,000 after acquiring an additional 30,405 shares during the period. Finally, American Century Companies Inc. lifted its position in Coastal Financial by 23.3% during 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 last quarter. 59.24% of the stock is currently 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.