Coastal Financial (NASDAQ:CCB) Trading Up 8.3% - Here's What Happened

Shares of Coastal Financial Co. (NASDAQ:CCB - Get Free Report) shot up 8.3% during trading on Thursday . The stock traded as high as $91.96 and last traded at $93.56. 25,738 shares were traded during mid-day trading, a decline of 69% from the average session volume of 83,740 shares. The stock had previously closed at $86.41.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $96.00 to $114.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Raymond James reissued a "strong-buy" rating and set a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Finally, Stephens restated an "overweight" rating and set a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th.

Coastal Financial Stock Performance

The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 27.82 and a beta of 1.21. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company's 50-day simple moving average is $88.10 and its 200-day simple moving average is $76.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Analysts predict that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

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Institutional Trading of Coastal Financial

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. purchased a new stake in shares of Coastal Financial during the third quarter worth $296,000. Charles Schwab Investment Management Inc. raised its stake in shares of Coastal Financial by 188.4% during the 3rd 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 in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial during the 3rd quarter valued at about $119,000. FMR LLC grew its stake in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company's stock valued at $71,000 after buying an additional 228 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Coastal Financial by 474.0% during the third quarter. BNP Paribas Financial Markets now owns 25,049 shares of the company's stock valued at $1,352,000 after acquiring an additional 20,685 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.