Coastal Financial (NASDAQ:CCB) Sets New 52-Week High - Time to Buy?

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $102.32 and last traded at $101.52, with a volume of 29570 shares. The stock had previously closed at $100.59.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCB. Raymond James Financial lowered their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 30th. Stephens reissued an "overweight" rating and issued a $100.00 price target on shares of Coastal Financial in a research note on Tuesday, March 18th. Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th.

Coastal Financial Price Performance

The company has a market capitalization of $1.54 billion, a PE ratio of 30.36 and a beta of 0.96. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.11. The company's 50 day moving average price is $87.95 and its 200-day moving average price is $86.63.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The firm had revenue of $139.54 million during the quarter, compared to analyst estimates of $158.65 million. Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. On average, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Coastal Financial

In other news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the sale, the chief financial officer owned 41,387 shares of the company's stock, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory A. Tisdel sold 1,600 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $79.07, for a total transaction of $126,512.00. Following the completion of the transaction, the director directly owned 14,006 shares in the company, valued at approximately $1,107,454.42. This represents a 10.25% decrease in their position. The disclosure for this sale can be found here. 14.10% of the stock is currently owned by insiders.

Institutional Trading of Coastal Financial

A number of institutional investors have recently added to or reduced their stakes in CCB. First Trust Advisors LP raised its position in Coastal Financial by 1.9% in the fourth quarter. First Trust Advisors LP now owns 8,297 shares of the company's stock valued at $704,000 after purchasing an additional 156 shares during the period. SummerHaven Investment Management LLC grew its stake in shares of Coastal Financial by 0.9% in the first quarter. SummerHaven Investment Management LLC now owns 17,138 shares of the company's stock valued at $1,549,000 after buying an additional 161 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Coastal Financial by 5.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock valued at $548,000 after buying an additional 343 shares during the period. Franklin Resources Inc. lifted its position in Coastal Financial by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 45,886 shares of the company's stock worth $3,896,000 after acquiring an additional 400 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Coastal Financial by 6.2% in the 1st quarter. MetLife Investment Management LLC now owns 7,272 shares of the company's stock worth $657,000 after acquiring an additional 427 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.