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

Coastal Financial Co. (NASDAQ:CCB) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 682,200 shares, a growth of 49.3% from the March 15th total of 457,000 shares. Approximately 6.1% of the shares of the company are sold short. Based on an average daily volume of 129,900 shares, the days-to-cover ratio is currently 5.3 days.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CCB shares. 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. 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. Finally, Raymond James restated a “strong-buy” rating on shares of Coastal Financial in a report on Wednesday, April 2nd.

Coastal Financial Trading Up 1.6 %

NASDAQ:CCB opened at $83.25 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial has a 12 month low of $37.30 and a 12 month high of $102.25. The company has a market cap of $1.25 billion, a PE ratio of 25.62 and a beta of 1.00. The company has a 50 day simple moving average of $86.89 and a two-hundred day simple moving average of $78.96.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09). Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Research analysts forecast that Coastal Financial will post 4.59 earnings per share for the current year.

Insider Activity

In related news, Director Gregory A. Tisdel sold 1,600 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the transaction, the director now owns 14,006 shares in the company, valued at approximately $1,107,454.42. This trade represents a 10.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.82% of the company’s stock.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its stake in Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after purchasing an additional 423,864 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock valued at $38,794,000 after purchasing an additional 417,767 shares during the last quarter. Azora Capital LP acquired a new stake in Coastal Financial in the fourth quarter worth about $33,794,000. Driehaus Capital Management LLC acquired a new stake in Coastal Financial in the 4th quarter worth approximately $8,170,000. Finally, Westwood Holdings Group Inc. purchased a new stake in shares of Coastal Financial during the fourth quarter valued at $7,620,000. Hedge funds and other 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.