Coastal Financial (NASDAQ:CCB) Trading 6.3% Higher - Should You Buy?

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report)'s share price traded up 6.3% on Monday . The stock traded as high as $90.58 and last traded at $91.46. 107,846 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 97,673 shares. The stock had previously closed at $86.04.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Hovde Group dropped their price target 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. Keefe, Bruyette & Woods reduced their price target on shares of Coastal Financial from $114.00 to $110.00 and set an "outperform" 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 report on Tuesday, March 18th. 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 report on Wednesday, April 30th.

Coastal Financial Stock Performance

The stock's 50-day moving average is $85.49 and its 200-day moving average is $85.57. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 27.30 and a beta of 0.96. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 1.04.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly 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 company had revenue of $139.54 million for the quarter, compared to analysts' expectations of $158.65 million. Coastal Financial had a return on equity of 12.53% and a net margin of 6.94%. Analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Insider Activity

In related news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer now owns 41,387 shares in the company, 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 through this hyperlink. Also, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the sale, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This trade represents a 10.25% decrease in their position. The disclosure for this sale can be found here. Insiders own 14.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in shares of Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock worth $61,000 after buying an additional 461 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Coastal Financial during the fourth quarter valued at approximately $64,000. New York State Teachers Retirement System acquired a new stake in shares of Coastal Financial during the fourth quarter valued at approximately $87,000. Ameriflex Group Inc. purchased a new position in Coastal Financial during the fourth quarter valued at approximately $172,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Coastal Financial during the fourth quarter valued at approximately $178,000. 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.

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