Coastal Financial (NASDAQ:CCB) Sees Unusually-High Trading Volume

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Coastal Financial Co. (NASDAQ:CCB) shares saw unusually-strong trading volume on Thursday . Approximately 4,544 shares changed hands during mid-day trading, a decline of 90% from the previous session’s volume of 46,714 shares.The stock last traded at $52.25 and had previously closed at $52.03.

Several equities analysts recently issued reports on CCB shares. Keefe, Bruyette & Woods upgraded Coastal Financial from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research report on Monday, December 20th. Zacks Investment Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 2nd.

The company has a market cap of $624.98 million, a price-to-earnings ratio of 26.41 and a beta of 1.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a fifty day moving average price of $42.47 and a 200 day moving average price of $34.36.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Tuesday, October 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. Coastal Financial had a return on equity of 16.19% and a net margin of 26.62%. The business had revenue of $24.94 million during the quarter. On average, analysts expect that Coastal Financial Co. will post 1.96 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Coastal Financial by 65.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 36,233 shares of the company’s stock worth $1,154,000 after buying an additional 14,350 shares during the period. BNP Paribas Arbitrage SA increased its position in Coastal Financial by 448.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 1,667 shares of the company’s stock worth $53,000 after buying an additional 1,363 shares during the period. TownSquare Capital LLC increased its position in Coastal Financial by 12.6% during the 3rd quarter. TownSquare Capital LLC now owns 57,475 shares of the company’s stock worth $1,831,000 after buying an additional 6,426 shares during the period. Metropolitan Life Insurance Co NY bought a new position in Coastal Financial during the 3rd quarter worth $83,000. Finally, Royal Bank of Canada increased its position in Coastal Financial by 5.4% during the 3rd quarter. Royal Bank of Canada now owns 6,691 shares of the company’s stock worth $213,000 after buying an additional 343 shares during the period. Hedge funds and other institutional investors own 53.71% of the company’s stock.

Coastal Financial Company Profile (NASDAQ:CCB)

Coastal Financial Corp. operates as a bank holding company. The firm through Coastal Community Bank, provides banking products and services to small and medium-sized businesses, professionals, and individuals. It also offers deposit products. The company was founded by Lee Pintar on July 9, 2003 and is headquartered in Everett, WA.

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