Coastal Financial (NASDAQ:CCB) Reaches New 12-Month 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.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) shares hit a new 52-week high on Wednesday . The company 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

Several research analysts have issued reports on CCB shares. Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Hovde Group reduced their target price 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, Raymond James Financial reduced their target price on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th.

Coastal Financial Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.04 and a current ratio of 1.06. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 33.37 and a beta of 1.01. The business's fifty day simple moving average is $95.67 and its 200 day simple moving average is $89.79.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Research analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Activity

In other news, CFO Joel G. Edwards sold 3,128 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the transaction, the chief financial officer directly owned 41,387 shares of the company's stock, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently modified their holdings of CCB. Tower Research Capital LLC TRC lifted its holdings in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after purchasing an additional 461 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after acquiring an additional 576 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Coastal Financial during the 4th quarter valued at $172,000. AlphaQuest LLC purchased a new position in shares of Coastal Financial during the 1st quarter valued at $188,000. Finally, Mariner LLC purchased a new position in shares of Coastal Financial during the 4th quarter valued at $246,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.

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