Joel Edwards Sells 4,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CFO Joel Edwards sold 4,000 shares of Coastal Financial stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $107.90, for a total value of $431,600.00. Following the completion of the sale, the chief financial officer owned 27,187 shares of the company’s stock, valued at approximately $2,933,477.30. The trade was a 12.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Coastal Financial Price Performance

Shares of CCB stock opened at $115.39 on Friday. The stock has a 50-day moving average price of $105.28 and a 200 day moving average price of $93.58. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 35.50 and a beta of 1.05. Coastal Financial Corporation has a 12 month low of $50.75 and a 12 month high of $118.00.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The firm had revenue of $119.43 million during the quarter, compared to analyst estimates of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. grew its position in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after buying an additional 576 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock worth $122,000 after buying an additional 1,059 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Coastal Financial during the 4th quarter worth about $172,000. AlphaQuest LLC acquired a new position in shares of Coastal Financial in the 1st quarter valued at approximately $188,000. Finally, KLP Kapitalforvaltning AS grew its position in shares of Coastal Financial by 28.6% in the 2nd 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.

Analyst Upgrades and Downgrades

CCB has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $110.25.

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.