Insider Selling: Coastal Financial (NASDAQ:CCB) Director Sells 3,000 Shares of Stock

Coastal Financial Corporation (NASDAQ:CCB) Director Steven Hovde sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the transaction, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Coastal Financial Stock Performance

CCB traded down $0.36 during midday trading on Thursday, reaching $117.05. The company had a trading volume of 56,170 shares, compared to its average volume of 121,153. The business has a 50-day moving average of $107.23 and a two-hundred day moving average of $103.32. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $119.57. The company has a market cap of $1.77 billion, a P/E ratio of 37.04 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The company had revenue of $52.89 million for the quarter, compared to analysts’ expectations of $133.44 million. As a group, equities research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds have recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new stake in shares of Coastal Financial during the 3rd quarter worth approximately $64,000. Russell Investments Group Ltd. grew its holdings in shares of Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after purchasing an additional 576 shares in the last quarter. Farther Finance Advisors LLC increased its position in Coastal Financial by 634.4% in the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after purchasing an additional 774 shares during the last quarter. USA Financial Formulas purchased a new stake in Coastal Financial during the third quarter valued at $102,000. Finally, First Horizon Corp bought a new position in Coastal Financial during the third quarter valued at $122,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 1st. Hovde Group set a $126.00 price target on Coastal Financial in a report on Monday, August 18th. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Finally, TD Cowen increased their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $125.17.

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.