Coastal Financial (NASDAQ:CCB) Reaches New 12-Month High – Time to Buy?

Coastal Financial Co. (NASDAQ:CCB) hit a new 52-week high during trading on Tuesday . The stock traded as high as $91.92 and last traded at $90.46, with a volume of 6964 shares traded. The stock had previously closed at $89.97.

Analysts Set New Price Targets

CCB has been the subject of several research reports. Hovde Group increased their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Raymond James reiterated a “strong-buy” rating and issued a $100.00 price target (up from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Finally, Stephens reiterated an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Thursday, February 13th.

Coastal Financial Stock Performance

The business’s fifty day moving average price is $85.12 and its 200-day moving average price is $68.43. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $1.24 billion, a PE ratio of 28.27 and a beta of 1.23.

Coastal Financial (NASDAQ:CCB) last announced its quarterly 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%. As a group, equities research analysts forecast that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Institutional Trading of Coastal Financial

A number of large investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Coastal Financial by 101.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,417 shares of the company’s stock valued at $2,158,000 after purchasing an additional 12,814 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in Coastal Financial during the 4th quarter valued at about $7,620,000. Squarepoint Ops LLC bought a new position in Coastal Financial during the 4th quarter valued at about $1,664,000. Two Sigma Investments LP grew its holdings in Coastal Financial by 49.7% during the 4th quarter. Two Sigma Investments LP now owns 43,681 shares of the company’s stock valued at $3,709,000 after purchasing an additional 14,494 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in Coastal Financial during the 4th quarter valued at about $342,000. 59.24% of the stock is currently owned by institutional investors.

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.