Coastal Financial Co. (NASDAQ:CCB) Short Interest Update

Coastal Financial Co. (NASDAQ:CCB) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 342,800 shares, a drop of 8.3% from the October 15th total of 373,800 shares. Approximately 3.1% of the company’s shares are short sold. Based on an average daily volume of 68,600 shares, the days-to-cover ratio is presently 5.0 days.

Insider Transactions at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction dated 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 of the company’s stock, valued at $15,886,798.56. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven D. Hovde sold 2,003 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now directly owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This represents a 6.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,977 shares of company stock valued at $4,428,296 over the last three months. 16.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently made changes to their positions in CCB. Charles Schwab Investment Management Inc. lifted its holdings in Coastal Financial by 188.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after buying an additional 60,106 shares during the period. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Coastal Financial during the 3rd quarter valued at about $2,034,000. Riverwater Partners LLC grew its stake in Coastal Financial by 367.9% during the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after purchasing an additional 30,405 shares during the period. American Century Companies Inc. increased its holdings in Coastal Financial by 23.3% in the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of Coastal Financial by 79.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock worth $3,097,000 after buying an additional 25,482 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Price Performance

Shares of CCB stock traded up $0.02 on Friday, hitting $73.32. 59,110 shares of the company’s stock were exchanged, compared to its average volume of 93,572. The stock has a market cap of $992.75 million, a P/E ratio of 24.69 and a beta of 1.22. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $74.58. 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 50 day moving average of $58.35 and a 200 day moving average of $50.95.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. On average, equities research analysts predict that Coastal Financial will post 3.55 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CCB shares. Keefe, Bruyette & Woods boosted their price target on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Hovde Group raised their price target on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Raymond James increased their price objective on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th.

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.