Insider Selling: Coastal Financial (NASDAQ:CCB) CFO Sells 5,000 Shares of Stock

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 G. Edwards sold 5,000 shares of the company's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $110.05, for a total value of $550,250.00. Following the transaction, the chief financial officer directly owned 22,187 shares of the company's stock, valued at $2,441,679.35. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Coastal Financial Stock Down 1.5%

Shares of CCB stock traded down $1.78 on Friday, hitting $113.61. 292,316 shares of the stock were exchanged, compared to its average volume of 113,615. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.72 billion, a P/E ratio of 34.96 and a beta of 1.05. The business has a 50-day moving average of $105.52 and a 200 day moving average of $93.79. Coastal Financial Corporation has a fifty-two week low of $51.31 and a fifty-two week high of $118.00.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CCB. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Coastal Financial by 1.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company's stock worth $121,084,000 after purchasing an additional 16,944 shares during the period. Azora Capital LP increased its position in shares of Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company's stock valued at $72,759,000 after acquiring an additional 156,956 shares in the last quarter. Vanguard Group Inc. grew its position in Coastal Financial by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after purchasing an additional 53,937 shares during the period. American Century Companies Inc. grew its position in Coastal Financial by 133.5% in the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company's stock worth $46,685,000 after purchasing 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 worth $38,794,000 after purchasing an additional 417,767 shares during the period. 59.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on CCB shares. Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods boosted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to MarketBeat.com, Coastal Financial currently has a consensus rating of "Buy" and an average price target of $110.25.

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.