Joel Edwards Sells 2,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CFO Joel Edwards sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $110.96, for a total transaction of $221,920.00. Following the sale, the chief financial officer directly owned 41,187 shares in the company, valued at approximately $4,570,109.52. This represents a 4.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Coastal Financial Stock Down 2.0%

NASDAQ:CCB opened at $109.10 on Friday. The company has a market cap of $1.65 billion, a PE ratio of 33.57 and a beta of 1.05. Coastal Financial Corporation has a twelve month low of $49.51 and a twelve month high of $118.00. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $104.65 and its two-hundred day moving average is $93.21.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.16). The company had revenue of $119.43 million for the quarter, compared to analysts’ expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds have recently modified their holdings of CCB. Russell Investments Group Ltd. raised its position 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 buying an additional 576 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after purchasing an additional 1,059 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Coastal Financial in the fourth quarter valued at about $172,000. AlphaQuest LLC purchased a new stake in shares of Coastal Financial in the first quarter valued at about $188,000. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Coastal Financial by 28.6% in the second quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company’s stock valued at $262,000 after purchasing an additional 600 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. Based on data from MarketBeat, Coastal Financial presently has an average rating of “Buy” and a consensus target price of $110.25.

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.