Coastal Financial (NASDAQ:CCB) Director Steven Hovde Sells 2,611 Shares

Coastal Financial Corporation (NASDAQ:CCB) Director Steven Hovde sold 2,611 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $112.19, for a total transaction of $292,928.09. Following the transaction, the director directly owned 19,000 shares of the company’s stock, valued at $2,131,610. The trade was a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Coastal Financial Trading Up 1.2%

Shares of CCB stock traded up $1.37 on Monday, hitting $114.69. The company had a trading volume of 94,473 shares, compared to its average volume of 121,444. Coastal Financial Corporation has a twelve month low of $73.80 and a twelve month high of $119.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market cap of $1.73 billion, a P/E ratio of 36.29 and a beta of 0.89. The stock’s 50-day moving average is $106.99 and its two-hundred day moving average is $102.82.

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

Wall Street Analysts Forecast Growth

CCB has been the topic of a number of research analyst reports. Hovde Group set a $126.00 price target on shares of Coastal Financial in a report on Monday, August 18th. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 1st. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Finally, TD Cowen increased their price objective on Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $125.17.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new position in Coastal Financial in the third quarter valued at $64,000. Russell Investments Group Ltd. boosted its holdings in shares of Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Coastal Financial by 634.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after purchasing an additional 774 shares during the last quarter. USA Financial Formulas bought a new position in shares of Coastal Financial during the 3rd quarter valued at about $102,000. Finally, First Horizon Corp purchased a new position in shares of Coastal Financial during the 3rd quarter valued at about $122,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

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.