Coastal Financial Co. (NASDAQ:CCB) Short Interest Up 21.8% in December

Coastal Financial Co. (NASDAQ:CCB) saw a significant 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 daily trading volume, of 102,800 shares, the days-to-cover ratio is presently 3.8 days.

Coastal Financial Trading Down 0.7 %

NASDAQ:CCB traded down $0.59 during trading hours on Friday, reaching $84.22. 101,962 shares of the company were exchanged, compared to its average volume of 115,506. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 28.36 and a beta of 1.22. 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 stock has a 50 day simple moving average of $79.70 and a 200 day simple moving average 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 announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping 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 analyst estimates of $154.30 million. As a group, analysts predict that Coastal Financial will post 3.53 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Eric M. Sprink sold 3,705 shares of Coastal Financial stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the transaction, the chief executive officer now owns 275,683 shares of the company’s stock, valued at approximately $16,543,736.83. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,346 shares of company stock valued at $1,473,096. Corporate insiders own 16.82% of the company’s stock.

Institutional Trading of Coastal Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position 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 acquiring an additional 60,106 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Coastal Financial in the 3rd quarter valued at about $2,034,000. JPMorgan Chase & Co. increased its position in shares of Coastal Financial by 40.9% during 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. Riverwater Partners LLC boosted its holdings in Coastal Financial by 367.9% in the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after purchasing an additional 30,405 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.