Insider Selling: Coastal Financial (NASDAQ:CCB) Director Sells 4,350 Shares of Stock

Key Points

• Coastal Financial director Stephan Klee sold 4,350 shares of stock at an average price of $109.14, totaling approximately $474,759, resulting in a 72.37% decrease in his holdings.
• Despite insider selling, Coastal Financial's stock price increased by 2.1% to $110.37, with strong trading volume of 125,290 shares.
• Analysts maintain a consensus rating of "Buy" for Coastal Financial, with price targets ranging from $110.00 to $126.00, following earnings results that missed estimates.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Stephan Klee sold 4,350 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $109.14, for a total transaction of $474,759.00. Following the transaction, the director directly owned 1,661 shares of the company's stock, valued at $181,281.54. The trade was a 72.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Coastal Financial Price Performance

Shares of NASDAQ:CCB traded down $1.78 during midday trading on Friday, reaching $113.61. 292,316 shares of the company's stock were exchanged, compared to its average volume of 113,615. Coastal Financial Corporation has a 12 month low of $51.31 and a 12 month high of $118.00. The firm has a market capitalization of $1.72 billion, a PE ratio of 34.96 and a beta of 1.05. The company's 50 day simple moving average is $105.52 and its two-hundred day simple moving average is $93.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06.

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

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently added to or reduced their stakes in CCB. Wellington Management Group LLP boosted its position in Coastal Financial by 1,067.9% during the 4th 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 period. Westwood Holdings Group Inc. boosted its position in Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock worth $40,604,000 after buying an additional 359,371 shares during the period. American Century Companies Inc. boosted its position in Coastal Financial by 133.5% during the 2nd 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 period. Azora Capital LP boosted its position in Coastal Financial by 49.3% during the 1st quarter. Azora Capital LP now owns 594,142 shares of the company's stock worth $53,716,000 after buying an additional 196,148 shares during the period. Finally, Driehaus Capital Management LLC boosted its position in Coastal Financial by 125.4% during the 1st quarter. Driehaus Capital Management LLC now owns 216,882 shares of the company's stock worth $19,608,000 after buying an additional 120,667 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CCB shares. Hovde Group set a $126.00 price objective on shares of Coastal Financial in a research report on Monday, August 18th. Keefe, Bruyette & Woods raised their price objective on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research 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's stock. According to data from MarketBeat.com, the company 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.