Coastal Financial Co. (NASDAQ:CCB) Sees Significant Increase in Short Interest

Coastal Financial Co. (NASDAQ:CCB) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 386,300 shares, an increase of 21.8% from the December 15th total of 317,100 shares. Based on an average trading volume of 102,800 shares, the short-interest ratio is currently 3.8 days.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Hovde Group boosted their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James raised their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $63.11, for a total value of $63,110.00. Following the completion of the transaction, the chief executive officer now owns 250,388 shares of the company’s stock, valued at $15,801,986.68. The trade was a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 22,346 shares of company stock valued at $1,473,096. Insiders own 16.82% of the company’s stock.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of CCB. Portside Wealth Group LLC grew its stake in Coastal Financial by 3.7% during the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after buying an additional 166 shares during the last quarter. FMR LLC grew its position in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Coastal Financial by 8.7% in the 4th quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock worth $553,000 after acquiring an additional 522 shares during the period. Empowered Funds LLC boosted its stake in Coastal Financial by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock valued at $598,000 after purchasing an additional 536 shares during the period. Finally, Point72 DIFC Ltd bought a new position in Coastal Financial in the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Stock Down 0.7 %

CCB stock traded down $0.59 during trading on Friday, reaching $84.22. The stock had a trading volume of 101,962 shares, compared to its average volume of 127,606. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $79.43 and a 200 day moving average price of $62.09. The company has a market capitalization of $1.14 billion, a P/E ratio of 28.36 and a beta of 1.22. Coastal Financial has a 1-year low of $35.67 and a 1-year high of $88.60.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. On average, equities analysts anticipate that Coastal Financial will post 3.53 earnings per share for the current year.

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.