Coastal Financial Co. (NASDAQ:CCB) Director Steven D. Hovde Sells 2,003 Shares

Coastal Financial Co. (NASDAQ:CCB) Director Steven D. Hovde sold 2,003 shares of Coastal Financial stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the sale, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.50 during mid-day trading on Thursday, reaching $52.14. The company’s stock had a trading volume of 1,970 shares, compared to its average volume of 55,220. The stock has a market capitalization of $699.67 million, a P/E ratio of 18.23 and a beta of 1.25. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $54.00. The stock has a 50-day moving average of $48.61 and a two-hundred day moving average of $43.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Monday, July 29th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%. On average, equities research analysts anticipate that Coastal Financial Co. will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC grew its holdings in Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Coastal Financial during the 1st quarter valued at about $207,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Coastal Financial in the second quarter valued at about $332,000. Finally, Parallel Advisors LLC increased its position in Coastal Financial by 2.9% during the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after purchasing an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th. Hovde Group raised their target price on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th.

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.