Coastal Financial (NASDAQ:CCB) Stock Price Up 6.3% - Here's Why

Shares of Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) shot up 6.3% during trading on Monday . The stock traded as high as $90.58 and last traded at $91.46. 107,846 shares were traded 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.

Analyst Ratings Changes

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

Coastal Financial Stock Performance

The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 28.67 and a beta of 0.96. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.11. The company has a 50 day simple moving average of $86.51 and a 200 day simple moving average of $85.95.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. As a group, equities research analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Coastal Financial

Institutional investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its stake in shares of Coastal Financial by 1.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock valued at $121,084,000 after acquiring an additional 16,944 shares during the last quarter. Vanguard Group Inc. increased its holdings in Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock valued at $66,842,000 after purchasing an additional 53,937 shares during the period. Azora Capital LP increased its holdings in Coastal Financial by 49.3% in the first quarter. Azora Capital LP now owns 594,142 shares of the company's stock valued at $53,716,000 after purchasing an additional 196,148 shares during the period. Wellington Management Group LLP raised its position in Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock worth $38,794,000 after purchasing an additional 417,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after buying an additional 359,371 shares during the period. 59.24% of the stock is owned by institutional investors.

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.