Coastal Financial Co. (NASDAQ:CCB) CFO Sells $276,640.32 in Stock

Coastal Financial Co. (NASDAQ:CCB) CFO Joel G. Edwards sold 3,128 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the sale, the chief financial officer now owns 41,387 shares in the company, valued at $3,660,266.28. This represents a 7.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Coastal Financial Stock Up 1.8%

CCB stock traded up $1.56 during trading on Tuesday, hitting $88.71. 39,116 shares of the company’s stock traded hands, compared to its average volume of 122,773. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.33 billion, a P/E ratio of 27.30 and a beta of 0.94. The business has a fifty day simple moving average of $84.61 and a two-hundred day simple moving average of $83.39. Coastal Financial Co. has a 1 year low of $42.64 and a 1 year high of $102.25.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. Sell-side analysts anticipate that Coastal Financial Co. will post 4.59 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on CCB. Hovde Group dropped their price objective on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Raymond James dropped their price target on Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods reduced their price objective on Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Stephens reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Coastal Financial in a research note on Tuesday, March 18th.

Institutional Investors Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. boosted its holdings in Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company’s stock worth $112,279,000 after acquiring an additional 423,864 shares in the last quarter. Wellington Management Group LLP raised its position in Coastal Financial by 1,067.9% during the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company’s stock worth $38,794,000 after buying an additional 417,767 shares during the last quarter. Azora Capital LP acquired a new stake in Coastal Financial during the 4th quarter valued at approximately $33,794,000. Westwood Holdings Group Inc. lifted its stake in Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company’s stock valued at $40,604,000 after acquiring an additional 359,371 shares during the period. Finally, Driehaus Capital Management LLC boosted its holdings in shares of Coastal Financial by 125.4% in the 1st quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company’s stock valued at $19,608,000 after acquiring an additional 120,667 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.