Coastal Financial (NASDAQ:CCB) Hits New 1-Year High - What's Next?

Shares of Coastal Financial Co. (NASDAQ:CCB - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $61.50 and last traded at $61.50, with a volume of 19639 shares. The stock had previously closed at $58.45.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Hovde Group increased their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a "moderate buy" rating in a research report on Tuesday, July 30th.

Coastal Financial Stock Up 8.9 %

The stock's 50-day moving average is $53.38 and its 200-day moving average is $47.96. The stock has a market cap of $853.85 million, a P/E ratio of 21.85 and a beta of 1.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The company had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. As a group, research analysts anticipate that Coastal Financial Co. will post 3.56 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Steven D. Hovde sold 1,497 shares of the firm's stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the transaction, the director now owns 26,500 shares in the company, valued at approximately $1,404,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total value of $51,560.00. Following the completion of the transaction, the chief executive officer now directly owns 312,689 shares in the company, valued at $16,122,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven D. Hovde sold 1,497 shares of the firm's stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the transaction, the director now owns 26,500 shares of the company's stock, valued at approximately $1,404,500. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,495 shares of company stock worth $3,187,116. Corporate insiders own 16.82% of the company's stock.

Institutional Trading of Coastal Financial

A number of hedge funds have recently made changes to their positions in CCB. Diversify Advisory Services LLC bought a new position in shares of Coastal Financial in the first quarter valued at approximately $714,000. Riverwater Partners LLC lifted its holdings in shares of Coastal Financial by 367.9% during the third 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. Envestnet Asset Management Inc. raised its holdings in shares of Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company's stock valued at $2,679,000 after buying an additional 1,956 shares during the last quarter. Norden Group LLC bought a new position in shares of Coastal Financial in the first quarter valued at about $1,488,000. Finally, Vanguard Group Inc. raised its holdings in shares of Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company's stock valued at $23,268,000 after buying an additional 5,592 shares during 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.

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