Coastal Financial Corporation (NASDAQ:CCB) Short Interest Down 24.0% in April

Key Points

• Short interest fell 24.0% in April to 1,288,361 shares (about 9.8% of shares sold short) with a days-to-cover ratio of 10.3.
• Quarterly results missed expectations: EPS was $0.78 versus $1.03 expected and revenue was $56.3M versus $138.4M expected, a sizeable shortfall.
• Shares traded at $74.63 with a market cap of $1.14B, while analysts maintain a consensus "Buy" rating and an average target price of $133.60.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) was the target of a large decline in short interest in April. As of April 15th, there was short interest totaling 1,288,361 shares, a decline of 24.0% from the March 31st total of 1,695,343 shares. Approximately 9.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 125,365 shares, the days-to-cover ratio is presently 10.3 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock worth $644,000 after purchasing an additional 149 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Coastal Financial by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 2,360 shares of the company's stock worth $270,000 after purchasing an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock worth $34,000 after buying an additional 169 shares in the last quarter. Swiss National Bank boosted its stake in Coastal Financial by 0.8% in the third quarter. Swiss National Bank now owns 26,165 shares of the company's stock worth $2,830,000 after buying an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Coastal Financial by 0.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company's stock worth $12,117,000 after buying an additional 293 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Price Performance

Shares of CCB stock traded down $12.06 during trading on Wednesday, hitting $74.63. The company had a trading volume of 378,814 shares, compared to its average volume of 164,238. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock's 50-day moving average is $79.13 and its two-hundred day moving average is $97.13. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 24.62 and a beta of 0.87. Coastal Financial has a 52 week low of $70.72 and a 52 week high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.25). The company had revenue of $56.30 million during the quarter, compared to the consensus estimate of $138.43 million. Coastal Financial had a return on equity of 10.01% and a net margin of 7.11%. As a group, analysts predict that Coastal Financial will post 5.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CCB has been the subject of a number of recent analyst reports. Zacks Research raised Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, April 6th. Weiss Ratings lowered Coastal Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, March 2nd. TD Cowen raised Coastal Financial to a "strong-buy" rating in a report on Monday, April 13th. Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, April 18th. Finally, Hovde Group reduced their target price on Coastal Financial from $140.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Coastal Financial presently has a consensus rating of "Buy" and an average target price of $133.60.

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.

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