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

Key Points

• Coastal Financial CFO Joel Edwards sold 4,000 shares at an average price of $107.90, reducing his ownership by 12.83% to 27,187 shares valued at approximately $2.93 million.
• The company's stock traded up 2.1% to $110.37, with a market cap of $1.67 billion and a PE ratio of 33.96.
• Coastal Financial reported $0.71 EPS for the last quarter, missing the consensus estimate of $0.87 by $0.16, with revenue of $119.43 million compared to expectations of $158.05 million.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CFO Joel G. Edwards sold 4,000 shares of the business's 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 transaction, the chief financial officer directly owned 27,187 shares of the company's stock, valued at approximately $2,933,477.30. This trade represents a 12.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded down $1.78 during trading hours on Friday, reaching $113.61. 292,316 shares of the stock traded hands, compared to its average volume of 113,615. The company has a 50 day moving average price of $105.52 and a 200 day moving average price of $93.79. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 34.96 and a beta of 1.05. Coastal Financial Corporation has a one year low of $51.31 and a one year high of $118.00. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). The firm had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat, Coastal Financial has a consensus rating of "Buy" and an average target price of $110.25.

Institutional Trading of Coastal Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. raised its holdings in Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock valued at $121,084,000 after buying an additional 16,944 shares during the period. Azora Capital LP raised its holdings in Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company's stock valued at $72,759,000 after buying an additional 156,956 shares during the period. Vanguard Group Inc. raised its holdings in Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock valued at $66,842,000 after buying an additional 53,937 shares during the period. American Century Companies Inc. raised its holdings in Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company's stock valued at $46,685,000 after buying an additional 275,500 shares during the period. Finally, Wellington Management Group LLP grew its position in Coastal Financial by 1,067.9% in the 4th quarter. Wellington Management Group LLP now owns 456,887 shares of the company's stock valued at $38,794,000 after acquiring an additional 417,767 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.