Coastal Financial (NASDAQ:CCB) CFO Joel Edwards Sells 5,000 Shares

Key Points

• CFO Joel Edwards sold 5,000 shares of Coastal Financial at an average price of $110.05, totaling $550,250, which decreased his ownership by 18.39%.
• Coastal Financial reported $0.71 earnings per share for the last quarter, missing the consensus estimate by $0.16, with revenue of $119.43 million compared to expected $158.05 million.
• Analysts have set a target price range for Coastal Financial, with Hovde Group aiming for $126.00 per share in recent reports, while the stock currently holds an average rating of "Buy."

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CFO Joel Edwards sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $110.05, for a total transaction of $550,250.00. Following the completion of the transaction, the chief financial officer owned 22,187 shares in the company, valued at approximately $2,441,679.35. This trade represents a 18.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Coastal Financial Stock Performance

NASDAQ:CCB traded up $2.31 during midday trading on Wednesday, hitting $110.37. The company's stock had a trading volume of 125,290 shares, compared to its average volume of 108,625. Coastal Financial Corporation has a fifty-two week low of $50.06 and a fifty-two week high of $118.00. The firm's 50 day moving average is $104.89 and its 200-day moving average is $93.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The firm has a market cap of $1.67 billion, a P/E ratio of 33.25 and a beta of 1.05.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCB. Ameriprise Financial Inc. raised its holdings in shares of Coastal Financial by 4.9% during the 4th quarter. Ameriprise Financial Inc. now owns 30,828 shares of the company's stock worth $2,618,000 after acquiring an additional 1,453 shares during the period. Bank of America Corp DE lifted its position in Coastal Financial by 9.7% in the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company's stock valued at $1,422,000 after buying an additional 1,478 shares during the last quarter. Deutsche Bank AG lifted its position in Coastal Financial by 52.2% in the fourth quarter. Deutsche Bank AG now owns 10,806 shares of the company's stock valued at $918,000 after buying an additional 3,705 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Coastal Financial by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock valued at $548,000 after buying an additional 343 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Coastal Financial by 88.2% in the fourth quarter. Nuveen Asset Management LLC now owns 96,253 shares of the company's stock valued at $8,173,000 after buying an additional 45,100 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Wall Street Analyst Weigh In

CCB has been the subject of several recent research reports. Hovde Group set a $126.00 target price on shares of Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $110.25.

About Coastal Financial

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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