Steven Hovde Sells 1,500 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) Director Steven Hovde sold 1,500 shares of the business’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $115.50, for a total value of $173,250.00. Following the completion of the transaction, the director owned 14,500 shares of the company’s stock, valued at $1,674,750. This represents a 9.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Coastal Financial Stock Performance

CCB stock traded up $0.43 on Tuesday, hitting $115.12. The company had a trading volume of 87,255 shares, compared to its average volume of 121,298. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 12-month low of $73.92 and a 12-month high of $119.22. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 36.43 and a beta of 0.89. The stock’s 50-day simple moving average is $106.95 and its 200 day simple moving average is $103.01.

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

Institutional Investors Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northern Trust Corp lifted its holdings in shares of Coastal Financial by 8.4% in the 1st quarter. Northern Trust Corp now owns 116,160 shares of the company’s stock valued at $10,502,000 after buying an additional 9,015 shares during the period. Nuveen LLC purchased a new stake in shares of Coastal Financial during the first quarter worth approximately $7,871,000. Peregrine Capital Management LLC raised its position in shares of Coastal Financial by 25.0% in the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock valued at $13,629,000 after buying an additional 28,099 shares during the last quarter. SG Americas Securities LLC lifted its stake in Coastal Financial by 69.1% in the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock worth $1,040,000 after purchasing an additional 4,391 shares in the last quarter. Finally, Quantbot Technologies LP boosted its stake in Coastal Financial by 10,112.0% during the first quarter. Quantbot Technologies LP now owns 8,476 shares of the company’s stock worth $766,000 after buying an additional 8,393 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CCB. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 1st. UBS Group set a $155.00 price objective on shares of Coastal Financial in a report on Friday. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a report on Friday. Hovde Group set a $126.00 target price on Coastal Financial in a research report on Monday, August 18th. Finally, TD Cowen raised their price target on Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $125.17.

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.