Coastal Financial Co. (NASDAQ:CCB) Short Interest Down 14.1% in September

Coastal Financial Co. (NASDAQ:CCB) saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 361,600 shares, a decrease of 14.1% from the September 15th total of 421,100 shares. Currently, 3.3% of the shares of the stock are sold short. Based on an average trading volume of 69,100 shares, the short-interest ratio is currently 5.2 days.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CCB shares. Hovde Group upped their price objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th.

Coastal Financial Stock Up 1.4 %

Shares of NASDAQ:CCB traded up $0.79 during midday trading on Wednesday, reaching $59.00. The company had a trading volume of 58,953 shares, compared to its average volume of 57,316. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial has a one year low of $35.67 and a one year high of $59.58. The stock’s fifty day moving average price is $51.73 and its 200-day moving average price is $46.86. The stock has a market capitalization of $791.72 million, a P/E ratio of 20.63 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. Equities research analysts expect that Coastal Financial will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the sale, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the sale, the chief executive officer now owns 282,388 shares of the company’s stock, valued at approximately $16,714,545.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric M. Sprink sold 7,302 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at $15,886,798.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,631 shares of company stock worth $2,955,200. Insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in Coastal Financial by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after acquiring an additional 227 shares during the period. Riverwater Partners LLC lifted its stake in shares of Coastal Financial by 6.4% in the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after buying an additional 494 shares during the period. Cox Capital Mgt LLC grew its holdings in shares of Coastal Financial by 1.6% during the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after purchasing an additional 556 shares in the last quarter. nVerses Capital LLC boosted its stake in Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after buying an additional 600 shares in the last quarter. Finally, First Bank & Trust raised its position in Coastal Financial by 3.6% in the first quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after purchasing an additional 761 shares in the last quarter. 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.