Insider Buying: Coastal Financial (NASDAQ:CCB) Director Acquires $438,300.00 in Stock

Key Points

• Director Steven Hovde purchased 10,000 Coastal Financial shares at an average price of $43.83, investing $438,300 and increasing his ownership by 60.61% to 26,500 shares.
• Coastal Financial’s stock rose 3.2% to $45.34, but the company reported a quarterly loss of $2.76 per share, missing the $1.01 consensus estimate despite revenue exceeding expectations.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and a $91.33 average price target, while institutional investors and hedge funds own 59.24% of the company.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Steven Hovde purchased 10,000 shares of Coastal Financial stock in a transaction on Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, for a total transaction of $438,300.00. Following the purchase, the director owned 26,500 shares in the company, valued at approximately $1,161,495. This trade represents a 60.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Coastal Financial Trading Up 3.2%

Coastal Financial stock traded up $1.41 during trading on Friday, reaching $45.34. The company had a trading volume of 274,009 shares, compared to its average volume of 367,255. Coastal Financial Corporation has a 12-month low of $36.61 and a 12-month high of $120.05. 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 stock's 50 day moving average price is $70.26 and its two-hundred day moving average price is $77.57. The firm has a market capitalization of $691.43 million, a price-to-earnings ratio of -161.92 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) 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 firm had revenue of $178.07 million for the quarter, compared to analyst estimates of $148.50 million. As a group, equities analysts expect that Coastal Financial Corporation will post 1.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stephens reaffirmed an "overweight" rating and issued a $110.00 price objective on shares of Coastal Financial in a research report on Friday, May 1st. TD Cowen decreased their target price on shares of Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, July 31st. Keefe, Bruyette & Woods lowered their price target on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a report on Friday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of Coastal Financial in a research note on Monday, June 29th. Finally, Raymond James Financial cut shares of Coastal Financial from a "strong-buy" rating to an "outperform" rating and set a $50.00 price target on the stock. in a report on Friday, July 31st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Coastal Financial has an average rating of "Moderate Buy" and a consensus price target of $91.33.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Quent Capital LLC bought a new position in shares of Coastal Financial in the fourth quarter worth $2,279,000. Mendon Capital Advisors Corp raised its holdings in shares of Coastal Financial by 86.7% in the 1st quarter. Mendon Capital Advisors Corp now owns 56,000 shares of the company's stock worth $4,262,000 after purchasing an additional 26,000 shares in the last quarter. Phocas Financial Corp. bought a new stake in Coastal Financial during the fourth quarter worth approximately $3,948,000. Cooper Creek Partners Management LLC grew its position in Coastal Financial by 105.0% in the first quarter. Cooper Creek Partners Management LLC now owns 450,134 shares of the company's stock worth $34,255,000 after buying an additional 230,537 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Coastal Financial in the first quarter valued at $1,885,000. Institutional investors and hedge funds own 59.24% of the company's stock.

About Coastal Financial

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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