Coastal Financial (NASDAQ:CCB) Trading Up 8.3% – What’s Next?

Coastal Financial Co. (NASDAQ:CCB)’s stock price was up 8.3% during mid-day trading on Thursday . The stock traded as high as $91.96 and last traded at $93.56. Approximately 25,738 shares traded hands during trading, a decline of 69% from the average daily volume of 83,740 shares. The stock had previously closed at $86.41.

Analyst Ratings Changes

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

Coastal Financial Stock Performance

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 $1.39 billion, a PE ratio of 28.57 and a beta of 1.21. The firm’s 50-day moving average is $87.83 and its 200 day moving average is $75.25.

Coastal Financial (NASDAQ:CCB) last released 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 return on equity of 14.98% and a net margin of 6.43%. As a group, research analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Coastal Financial by 1,067.9% during the fourth quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after acquiring an additional 417,767 shares during the period. Ameriflex Group Inc. acquired a new position in Coastal Financial during the fourth quarter worth $172,000. Public Employees Retirement System of Ohio purchased a new position in Coastal Financial in the fourth quarter worth $448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Coastal Financial by 101.7% in the fourth 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 acquiring an additional 12,814 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new stake in shares of Coastal Financial during the 4th quarter worth $7,620,000. 59.24% of the stock is owned by institutional investors and hedge funds.

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.