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

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Eric M. Sprink sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total value of $461,510.00. Following the completion of the sale, the chief executive officer now owns 251,388 shares in the company, valued at approximately $16,574,010.84. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,346 shares of company stock valued at $1,473,096. 16.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC increased its stake in Coastal Financial by 8.7% in the fourth quarter. SG Americas Securities LLC now owns 6,517 shares of the company’s stock valued at $553,000 after purchasing an additional 522 shares during the last quarter. USA Financial Formulas purchased a new stake in Coastal Financial in the 4th quarter valued at about $122,000. Cox Capital Mgt LLC increased its stake in shares of Coastal Financial by 44.2% during the 4th quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company’s stock valued at $4,128,000 after acquiring an additional 14,905 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Coastal Financial during the 4th quarter worth about $339,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Coastal Financial by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company’s stock worth $6,321,000 after acquiring an additional 33,964 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Trading Down 0.7 %

Coastal Financial stock opened at $84.22 on Friday. The stock has a market cap of $1.14 billion, a PE ratio of 28.36 and a beta of 1.22. 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 moving average price of $79.70 and a 200 day moving average price of $62.46. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $88.60.

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