Coastal Financial (NASDAQ:CCB) Stock Price Up 8.3% – What’s Next?

Coastal Financial Co. (NASDAQ:CCB)’s share price was up 8.3% on Thursday . The stock traded as high as $91.96 and last traded at $93.56. Approximately 25,738 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 83,740 shares. The stock had previously closed at $86.41.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CCB. Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $96.00 to $114.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Stephens reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th. Finally, Raymond James reissued a “strong-buy” rating and set a $100.00 target price (up from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th.

Coastal Financial Price Performance

The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 27.81 and a beta of 1.21. 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 stock has a 50-day simple moving average of $88.10 and a 200 day simple moving average of $75.64.

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

Institutional Trading of Coastal Financial

Several hedge funds and other institutional investors have recently modified their holdings of CCB. Victory Capital Management Inc. acquired a new position in Coastal Financial in the third quarter worth approximately $296,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after acquiring an additional 60,106 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Coastal Financial in the 3rd quarter valued at approximately $119,000. FMR LLC boosted its position in 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 purchasing an additional 228 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Coastal Financial by 474.0% during the third quarter. BNP Paribas Financial Markets now owns 25,049 shares of the company’s stock valued at $1,352,000 after purchasing an additional 20,685 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.