Coastal Financial (NASDAQ:CCB) Reaches New 52-Week High – Here’s Why

Coastal Financial Co. (NASDAQ:CCB) shares hit a new 52-week high on Tuesday . The company 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.

Analyst Ratings Changes

CCB has been the subject of a number of research analyst reports. Hovde Group lifted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Raymond James reiterated a “strong-buy” rating and set a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a report on Wednesday, January 29th. Stephens reiterated an “overweight” rating and set a $100.00 price objective on shares of Coastal Financial in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th.

Coastal Financial Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $1.24 billion, a P/E ratio of 28.14 and a beta of 1.23. The firm’s fifty day moving average price is $85.38 and its 200 day moving average price is $68.59.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data 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%. Sell-side analysts expect that Coastal Financial Co. will post 4.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CCB. Point72 DIFC Ltd bought a new position in shares of Coastal Financial during the 3rd quarter worth approximately $31,000. nVerses Capital LLC raised its stake in shares of Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Coastal Financial by 179.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after acquiring an additional 461 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Coastal Financial during the 4th quarter worth approximately $64,000. Finally, FMR LLC raised its stake in shares of Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after acquiring an additional 228 shares in the last quarter. Institutional investors 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.