Coastal Financial (NASDAQ:CCB) Reaches New 1-Year High – Should You Buy?

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

Analysts Set New Price Targets

Several brokerages have commented on CCB. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Cowen restated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. UBS Group set a $155.00 target price on Coastal Financial in a report on Friday, December 5th. TD Cowen increased their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Coastal Financial in a report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Coastal Financial has a consensus rating of “Buy” and a consensus target price of $125.17.

Coastal Financial Price Performance

The stock has a market capitalization of $1.79 billion, a P/E ratio of 37.51 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The business has a fifty day simple moving average of $108.09 and a 200-day simple moving average of $104.81.

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

Insider Activity

In other news, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the sale, the director directly owned 11,500 shares in the company, valued at $1,348,375. This trade represents a 20.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 10,111 shares of company stock worth $1,159,928. 14.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in shares of Coastal Financial in the 3rd quarter worth about $64,000. Russell Investments Group Ltd. increased its holdings in Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Coastal Financial by 634.4% in the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after purchasing an additional 774 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Coastal Financial in the third quarter worth approximately $102,000. Finally, First Horizon Corp bought a new position in shares of Coastal Financial in the third quarter valued at approximately $122,000. 59.24% of the stock is owned by institutional investors.

Coastal Financial Company Profile

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.