Coastal Financial (NASDAQ:CCB) Sets New 1-Year High – What’s Next?

Coastal Financial Co. (NASDAQ:CCB)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $91.92 and last traded at $90.46, with a volume of 6964 shares changing hands. The stock had previously closed at $89.97.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Stephens reissued an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research report on Thursday, February 13th. Raymond James reaffirmed a “strong-buy” rating and issued a $100.00 price target (up previously from $88.00) on shares of Coastal Financial in a research report on Wednesday, January 29th. Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th.

Coastal Financial Price Performance

The stock’s 50-day moving average is $85.12 and its 200 day moving average is $68.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $1.24 billion, a PE ratio of 28.27 and a beta of 1.23.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, equities analysts anticipate that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Coastal Financial by 101.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,417 shares of the company’s stock valued at $2,158,000 after purchasing an additional 12,814 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in Coastal Financial during the 4th quarter valued at approximately $7,620,000. Squarepoint Ops LLC acquired a new stake in shares of Coastal Financial in the fourth quarter worth $1,664,000. Two Sigma Investments LP increased its stake in shares of Coastal Financial by 49.7% in the fourth quarter. Two Sigma Investments LP now owns 43,681 shares of the company’s stock worth $3,709,000 after acquiring an additional 14,494 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of Coastal Financial in the fourth quarter worth $342,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

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.