Insider Selling: Coastal Financial Co. (NASDAQ:CCB) Director Sells 2,050 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) Director Steven D. Hovde sold 2,050 shares of Coastal Financial stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $53.51, for a total value of $109,695.50. Following the sale, the director now owns 21,950 shares of the company’s stock, valued at approximately $1,174,544.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.11 during trading hours on Monday, reaching $51.56. 36,506 shares of the stock traded hands, compared to its average volume of 56,999. The company has a market capitalization of $691.88 million, a P/E ratio of 18.13 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $54.00. The company’s 50-day simple moving average is $50.73 and its two-hundred day simple moving average is $44.85.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. Equities research analysts forecast that Coastal Financial Co. will post 3.52 EPS for the current year.

Analyst Ratings Changes

CCB has been the topic of a number of research reports. Keefe, Bruyette & Woods raised Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group raised their price objective on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th.

Hedge Funds Weigh In On Coastal Financial

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Coastal Financial by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after buying an additional 20,517 shares during the last quarter. Kennedy Capital Management LLC grew its position in shares of Coastal Financial by 3.1% in the 1st quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after buying an additional 8,230 shares during the last quarter. American Century Companies Inc. grew its position in shares of Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after buying an additional 1,956 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.