Coastal Financial Co. (NASDAQ:CCB) Director Sells $109,695.50 in Stock

Coastal Financial Co. (NASDAQ:CCB) Director Steven D. Hovde sold 2,050 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the sale, the director now directly owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Coastal Financial Stock Performance

Shares of CCB stock traded down $0.11 on Monday, hitting $51.56. 36,506 shares of the stock were exchanged, compared to its average volume of 56,999. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $691.88 million, a PE ratio of 18.13 and a beta of 1.24. Coastal Financial Co. has a one year low of $35.67 and a one year high of $54.00. The firm’s 50 day moving average is $50.73 and its two-hundred day moving average is $44.85.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The company had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Sell-side analysts expect that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC boosted its stake in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the period. Quadrature Capital Ltd bought a new position in Coastal Financial in the 1st quarter worth about $207,000. Allspring Global Investments Holdings LLC boosted its stake in Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after purchasing an additional 4,472 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Coastal Financial in the 2nd quarter worth about $332,000. Finally, Parallel Advisors LLC boosted its stake in Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after purchasing an additional 227 shares during the period. Institutional investors own 59.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CCB. Hovde Group raised their target price on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

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.