Joel G. Edwards Sells 5,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Key Points

• CFO Joel Edwards of Coastal Financial sold 5,000 shares valued at $544,550, decreasing his ownership by 13.82% to 31,187 shares post-transaction.
• Coastal Financial's stock rose 2.1% to $110.37 after a trading volume of 125,290 shares, with analyst reports suggesting a consensus rating of "Buy" and a price target of $110.25.
• Coastal Financial reported $0.71 earnings per share for the last quarter, missing estimates by ($0.16) and showing a revenue of $119.43 million against projected estimates of $158.05 million.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CFO Joel G. Edwards sold 5,000 shares of Coastal Financial stock in a transaction on Monday, September 15th. The shares were sold at an average price of $108.91, for a total transaction of $544,550.00. Following the transaction, the chief financial officer owned 31,187 shares in the company, valued at approximately $3,396,576.17. This trade represents a 13.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Coastal Financial Price Performance

Shares of CCB 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 113,200. The company has a market cap of $1.72 billion, a P/E ratio of 34.96 and a beta of 1.05. Coastal Financial Corporation has a 52-week low of $51.31 and a 52-week high of $118.00. 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 company's 50-day moving average price is $105.52 and its two-hundred day moving average price is $93.72.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share 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 analysts' expectations of $158.05 million. Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. On average, analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CCB shares. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research report on Monday, August 18th. One equities research 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 stock has a consensus rating of "Buy" and a consensus target price of $110.25.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. lifted its position in 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 valued at $121,084,000 after acquiring an additional 16,944 shares during the last quarter. Azora Capital LP raised its holdings in shares of Coastal Financial by 26.4% in the second quarter. Azora Capital LP now owns 751,098 shares of the company's stock worth $72,759,000 after buying an additional 156,956 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after buying an additional 53,937 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company's stock worth $46,685,000 after buying an additional 275,500 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Coastal Financial by 1,067.9% in the fourth 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. Hedge funds and other institutional investors own 59.24% of the company's stock.

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.