Coastal Financial (NASDAQ:CCB) Hits New 1-Year High - Still a Buy?

Key Points

• Coastal Financial Corporation's shares reached a new 52-week high at $106.63, closing at $106.50 with a trading volume of 54,222 shares.
• Wall Street analysts have mixed outlooks, with Keefe, Bruyette & Woods raising their price target to $115.00, while Hovde Group and Raymond James revised their targets down to $110.00 and $100.00 respectively.
• The company reported quarterly earnings of $0.71 per share, missing estimates of $0.87, with total revenue of $119.43 million compared to expectations of $158.05 million.

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $106.63 and last traded at $106.50, with a volume of 54222 shares trading hands. The stock had previously closed at $102.98.

Wall Street Analyst Weigh In

CCB has been the subject of several analyst reports. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research note on Monday. Keefe, Bruyette & Woods increased their price target on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, Raymond James Financial lowered their price objective on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 30th.

Coastal Financial Price Performance

The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 32.60 and a beta of 1.01. The business's 50 day simple moving average is $97.31 and its 200-day simple moving average is $90.35.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share 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 business had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. On average, research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Institutional Trading of Coastal Financial

A number of hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Coastal Financial by 179.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after acquiring an additional 461 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after acquiring an additional 576 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company's stock valued at $122,000 after purchasing an additional 1,059 shares during the period. Ameriflex Group Inc. bought a new position in Coastal Financial during the 4th quarter worth approximately $172,000. Finally, AlphaQuest LLC bought a new position in Coastal Financial during the 1st quarter worth approximately $188,000. 59.24% of the stock is owned by institutional investors and hedge funds.

About Coastal Financial

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.