Christopher Adams Buys 290 Shares of Coastal Financial (NASDAQ:CCB) Stock

Key Points

• Insider buying: Christopher Adams purchased 290 Coastal Financial shares at $45.15 each, increasing his direct ownership to 30,407 shares valued at approximately $1.37 million.
• Weak quarterly results: Coastal Financial reported a quarterly loss of $2.76 per share, missing estimates by $3.77, although revenue of $178.07 million exceeded expectations.
• Stock and analyst outlook: Shares rose 3.2% to $45.34 but remain well below their 52-week high of $120.05. Analysts’ average rating is “Moderate Buy,” with an average price target of $91.33, despite recent target cuts and one “strong sell” downgrade.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) insider Christopher Adams bought 290 shares of the business's stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $45.15 per share, with a total value of $13,093.50. Following the completion of the purchase, the insider directly owned 30,407 shares in the company, valued at approximately $1,372,876.05. The trade was a 0.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Coastal Financial Trading Up 3.2%

Shares of CCB stock traded up $1.41 on Friday, hitting $45.34. 274,009 shares of the stock traded hands, compared to its average volume of 367,255. The firm's 50-day moving average price is $70.26 and its two-hundred day moving average price is $77.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.06. The stock has a market capitalization of $691.43 million, a PE ratio of -161.92 and a beta of 0.76. Coastal Financial Corporation has a twelve month low of $36.61 and a twelve month high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The firm had revenue of $178.07 million during the quarter, compared to analysts' expectations of $148.50 million. As a group, analysts anticipate that Coastal Financial Corporation will post 1.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. TD Cowen cut their price target on shares of Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a report on Friday, July 31st. Keefe, Bruyette & Woods decreased their price objective on Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Stephens reiterated an "overweight" rating and issued a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. Zacks Research cut Coastal Financial from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Coastal Financial in a research report on Monday, June 29th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $91.33.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC raised its stake in shares of Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company's stock valued at $1,185,000 after acquiring an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Coastal Financial by 15.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company's stock worth $672,000 after purchasing an additional 977 shares during the period. Goldman Sachs Group Inc. increased its holdings in Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company's stock valued at $6,645,000 after purchasing an additional 22,725 shares during the last quarter. Empowered Funds LLC increased its holdings in Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company's stock valued at $1,125,000 after purchasing an additional 848 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Coastal Financial by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company's stock valued at $2,393,000 after purchasing an additional 1,048 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina's central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.

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