Insider Buying: Coastal Financial (NASDAQ:CCB) Director Acquires $220,000.00 in Stock

Key Points

• Director Steven Hovde purchased 5,000 Coastal Financial shares at $44 each, investing $220,000 and increasing his direct stake by 43.48% to 16,500 shares.
• Coastal Financial reported a sharp quarterly loss of $2.76 per share, missing the $1.01 consensus estimate, although revenue of $178.07 million exceeded expectations.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $91.33, despite recent target cuts and the stock trading near $45.34.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Steven Hovde bought 5,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were acquired at an average cost of $44.00 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director directly owned 16,500 shares of the company's stock, valued at approximately $726,000. This trade represents a 43.48% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Price Performance

Shares of CCB stock traded up $1.41 during trading on Friday, hitting $45.34. The company had a trading volume of 274,009 shares, compared to its average volume of 367,255. 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 firm has a market capitalization of $691.43 million, a P/E ratio of -161.92 and a beta of 0.76. The stock's 50-day moving average price is $70.26 and its 200 day moving average price is $77.57. Coastal Financial Corporation has a one year low of $36.61 and a one year high of $120.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%.The company had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. Equities analysts expect that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CCB shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Coastal Financial in a research note on Monday, June 29th. 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. Stephens reiterated an "overweight" rating and set a $110.00 price target on shares of Coastal Financial in a research report on Friday, May 1st. Keefe, Bruyette & Woods decreased their price objective on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. Finally, Raymond James Financial downgraded shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 price objective for the company. in a research report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock worth $644,000 after acquiring an additional 149 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Coastal Financial by 7.0% during the 4th quarter. ProShare Advisors LLC now owns 2,360 shares of the company's stock valued at $270,000 after purchasing an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock valued at $34,000 after purchasing an additional 169 shares during the last quarter. Swiss National Bank increased its position in Coastal Financial by 0.8% during the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company's stock worth $2,830,000 after purchasing an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Coastal Financial by 0.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company's stock worth $12,117,000 after purchasing an additional 293 shares in the last quarter. Institutional investors own 59.24% of the company's stock.

Coastal Financial Company Profile

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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