Coastal Financial (NASDAQ:CCB) Sees Strong Trading Volume – Here’s What Happened

Shares of Coastal Financial Co. (NASDAQ:CCB) saw strong trading volume on Wednesday . 65,477 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 60,489 shares.The stock last traded at $75.50 and had previously closed at $74.69.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CCB. Raymond James lifted their target price 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 price objective on shares of 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 target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday.

Coastal Financial Stock Performance

The company has a fifty day moving average price of $67.81 and a two-hundred day moving average price of $55.25. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 27.09 and a beta of 1.24. 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) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $154.30 million. As a group, equities research analysts expect that Coastal Financial Co. will post 3.55 EPS for the current year.

Insiders Place Their Bets

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink sold 3,223 shares of Coastal Financial stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $50.44, for a total transaction of $162,568.12. Following the completion of the transaction, the chief executive officer now directly owns 313,689 shares in the company, valued at approximately $15,822,473.16. This trade represents a 1.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,619 shares of company stock worth $3,792,980. 16.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. acquired a new position in Coastal Financial in the 3rd quarter worth about $377,000. PDT Partners LLC acquired a new position in Coastal Financial in the third quarter worth approximately $650,000. Rosenthal Henry Capital Advisors Inc. raised its position in Coastal Financial by 214.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after acquiring an additional 20,525 shares in the last quarter. Riverwater Partners LLC raised its position in 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 in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in 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 acquiring an additional 1,956 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.