Shares of Coastal Financial Co. (NASDAQ:CCB - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $86.38 and last traded at $85.98, with a volume of 135628 shares changing hands. The stock had previously closed at $83.72.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Raymond James lifted their price target on Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a research note 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 report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th.
Check Out Our Latest Research Report on CCB
Coastal Financial Stock Performance
The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 28.59 and a beta of 1.24. The stock has a 50 day moving average of $74.13 and a 200 day moving average of $58.69. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.
Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. As a group, analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.
Insider Transactions at Coastal Financial
In other news, CEO Eric M. Sprink sold 2,000 shares of the company's stock in a transaction dated 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 owns 240,388 shares in the company, valued at approximately $17,055,528.60. This represents a 0.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 of the company's stock, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,346 shares of company stock valued at $2,730,336. Corporate insiders own 16.82% of the company's stock.
Institutional Trading of Coastal Financial
Hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd acquired a new position in Coastal Financial during the 3rd quarter valued at about $31,000. nVerses Capital LLC boosted its position in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company's stock valued at $43,000 after buying an additional 600 shares during the last quarter. FMR LLC grew 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. Quantbot Technologies LP bought a new stake in Coastal Financial during the third quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Coastal Financial by 190.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company's stock valued at $166,000 after buying an additional 2,019 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.
About Coastal Financial
(
Get Free Report)
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.
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