Shares of Coastal Financial Co. (NASDAQ:CCB – Get Free Report) saw an uptick in trading volume on Wednesday after Hovde Group raised their price target on the stock from $55.00 to $67.00. Hovde Group currently has an outperform rating on the stock. 180,790 shares changed hands during trading, an increase of 220% from the previous session’s volume of 56,464 shares.The stock last traded at $53.19 and had previously closed at $52.97.
Insider Transactions at Coastal Financial
In related news, CFO Joel G. Edwards sold 1,034 shares of Coastal Financial stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the transaction, the chief financial officer now owns 56,369 shares of the company’s stock, valued at approximately $2,505,602.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.82% of the stock is owned by corporate insiders.
Institutional Trading of Coastal Financial
A number of institutional investors have recently made changes to their positions in CCB. EntryPoint Capital LLC increased its holdings in Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after buying an additional 1,439 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock valued at $177,000 after acquiring an additional 1,489 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Coastal Financial in the first quarter valued at about $207,000. Allspring Global Investments Holdings LLC boosted its position in shares of Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares during the period. Finally, Arcus Capital Partners LLC bought a new stake in shares of Coastal Financial in the second quarter valued at about $378,000. Institutional investors own 59.24% of the company’s stock.
Coastal Financial Price Performance
Coastal Financial (NASDAQ:CCB – Get Free Report) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The business had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%. Sell-side analysts anticipate that Coastal Financial Co. will post 3.47 EPS for the current fiscal year.
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.
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