Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – Here’s Why

Coastal Financial Corporation (NASDAQ:CCB)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $119.98 and last traded at $119.66, with a volume of 60689 shares traded. The stock had previously closed at $116.85.

Analyst Ratings Changes

Several brokerages have recently weighed in on CCB. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. UBS Group set a $155.00 price objective on Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Coastal Financial in a report on Monday, December 15th. Finally, TD Cowen upped their price target on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $125.17.

Coastal Financial Stock Performance

The stock has a 50 day moving average of $108.49 and a two-hundred day moving average of $105.25. The stock has a market capitalization of $1.76 billion, a PE ratio of 36.85 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.01). The business had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. Research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Activity at Coastal Financial

In related news, Director Steven D. Hovde sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total transaction of $351,750.00. Following the sale, the director owned 11,500 shares of the company’s stock, valued at approximately $1,348,375. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 10,111 shares of company stock valued at $1,159,928 in the last ninety days. 14.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Coastal Financial

Institutional investors have recently modified their holdings of the company. Northern Trust Corp lifted its holdings in shares of Coastal Financial by 8.4% in the first quarter. Northern Trust Corp now owns 116,160 shares of the company’s stock valued at $10,502,000 after purchasing an additional 9,015 shares in the last quarter. Peregrine Capital Management LLC raised its position in shares of Coastal Financial by 25.0% during the 2nd quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock worth $13,629,000 after purchasing an additional 28,099 shares during the last quarter. Azora Capital LP raised its position in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after purchasing an additional 156,956 shares during the last quarter. SG Americas Securities LLC lifted its stake in Coastal Financial by 69.1% in the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after buying an additional 4,391 shares in the last quarter. Finally, Advisors Capital Management LLC lifted its stake in Coastal Financial by 1.3% in the 2nd quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock valued at $13,722,000 after buying an additional 1,763 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.