Coastal Financial (NASDAQ:CCB) Insider Purchases 290 Shares of Stock

Coastal Financial Corporation (NASDAQ:CCB) insider Christopher Adams acquired 290 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $45.15 per share, for a total transaction of $13,093.50. Following the acquisition, the insider directly owned 30,407 shares in the company, valued at approximately $1,372,876.05. This trade represents a 0.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Coastal Financial Trading Up 3.2%

CCB traded up $1.41 during mid-day trading on Friday, hitting $45.34. 274,009 shares of the stock were exchanged, compared to its average volume of 367,255. The firm’s fifty day moving average is $70.26 and its two-hundred day moving average is $77.57. Coastal Financial Corporation has a 1-year low of $36.61 and a 1-year high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10. The company has a market cap of $691.43 million, a PE ratio of -161.92 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The firm had revenue of $178.07 million for the quarter, compared to analysts’ expectations of $148.50 million. Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. Equities analysts forecast that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quent Capital LLC purchased a new stake in shares of Coastal Financial during the fourth quarter worth approximately $2,279,000. Mendon Capital Advisors Corp lifted its stake in Coastal Financial by 86.7% in the first quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company’s stock worth $4,262,000 after acquiring an additional 26,000 shares during the last quarter. Phocas Financial Corp. purchased a new position in Coastal Financial in the fourth quarter worth approximately $3,948,000. Cooper Creek Partners Management LLC grew its holdings in Coastal Financial by 105.0% during the 1st quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company’s stock worth $34,255,000 after acquiring an additional 230,537 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Coastal Financial during the 1st quarter worth approximately $1,885,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CCB shares. Weiss Ratings restated a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. TD Cowen reduced their target price on shares of Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Wall Street Zen raised shares of Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research downgraded shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Finally, Raymond James Financial lowered Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective on the stock. in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.33.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.