Insider Selling: 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 business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares of the company’s stock, valued at $1,174,544.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Coastal Financial Trading Down 0.5 %

NASDAQ:CCB opened at $51.51 on Thursday. The company has a fifty day moving average of $50.72 and a 200 day moving average of $45.10. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $54.00. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $693.32 million, a P/E ratio of 18.01 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. On average, research analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Hovde Group boosted their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Cox Capital Mgt LLC grew its position in shares of Coastal Financial by 1.6% in the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock worth $1,400,000 after buying an additional 556 shares during the period. First Bank & Trust grew its position in shares of Coastal Financial by 3.6% in the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after buying an additional 761 shares during the period. Norden Group LLC purchased a new stake in shares of Coastal Financial in the 1st quarter worth about $1,488,000. Diversify Advisory Services LLC purchased a new stake in shares of Coastal Financial in the 1st quarter worth about $714,000. Finally, BNP Paribas Financial Markets grew its position in shares of Coastal Financial by 18.0% in the 1st quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock worth $450,000 after buying an additional 1,766 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.