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

Key Points

• Coastal Financial Corporation's stock reached a new 52-week high, trading at $118.70, following an increase in analyst price targets and a consensus rating of "Buy."
• The company's recent quarterly earnings report showed an earnings per share (EPS) of $0.71, which missed analyst estimates of $0.87, alongside a significant revenue miss compared to expectations.
• Insider trading included significant stock sales by the CFO and CEO, collectively reducing their positions by approximately 42% and 4.82%, respectively, raising potential concerns about insider confidence.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $118.70 and last traded at $116.89, with a volume of 14148 shares. The stock had previously closed at $115.35.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CCB shares. Keefe, Bruyette & Woods increased their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. TD Cowen started coverage on shares of Coastal Financial in a report on Thursday. They issued a "buy" rating and a $140.00 target price for the company. Finally, Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $116.20.

Coastal Financial Trading Up 2.8%

The business's fifty day moving average is $106.79 and its 200-day moving average is $94.54. The firm has a market cap of $1.79 billion, a P/E ratio of 36.32 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The firm had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.

Insiders Place Their Bets

In other Coastal Financial news, CFO Joel G. Edwards sold 9,425 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $114.67, for a total transaction of $1,080,764.75. Following the completion of the transaction, the chief financial officer owned 12,762 shares in the company, valued at approximately $1,463,418.54. This trade represents a 42.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 10,683 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $114.65, for a total transaction of $1,224,805.95. Following the transaction, the chief executive officer owned 211,011 shares of the company's stock, valued at approximately $24,192,411.15. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,958 shares of company stock worth $7,210,220. 14.10% of the stock is currently owned by insiders.

Institutional Trading of Coastal Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CCB. T. Rowe Price Investment Management Inc. boosted its holdings in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock worth $121,084,000 after acquiring an additional 16,944 shares during the last quarter. Azora Capital LP boosted its holdings in 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 acquiring an additional 156,956 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after acquiring an additional 53,937 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Coastal Financial by 133.5% in the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company's stock worth $46,685,000 after buying an additional 275,500 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after buying an additional 417,767 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Coastal Financial Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.