Key Points
- Director Steven Hovde sold 2,611 shares on December 5 at an average price of $112.19 for about $292,928, reducing his stake by 12.08% to 19,000 shares (valued ~ $2.13M).
- Shares opened at $114.69 (up ~1.2%) with a market cap of ~$1.73B and a P/E of 36.29; Coastal Financial slightly missed quarterly EPS ($0.88 vs. $0.89) and reported revenue of $52.89M versus $133.44M in estimates.
- Analysts have a consensus Buy rating (average target $125.17) with TD Cowen recently raising its target to $155, and institutional investors now own 59.24% of the stock after several funds increased positions.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Steven Hovde sold 2,611 shares of the firm's stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $112.19, for a total value of $292,928.09. Following the sale, the director directly owned 19,000 shares of the company's stock, valued at $2,131,610. This trade represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Coastal Financial Stock Up 1.2%
Shares of Coastal Financial stock opened at $114.69 on Tuesday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 36.29 and a beta of 0.89. The stock has a 50-day simple moving average of $106.95 and a 200-day simple moving average of $103.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial Corporation has a 52-week low of $73.80 and a 52-week high of $119.22.
Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). The business had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. On average, equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.
Institutional Trading of Coastal Financial
Several hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp increased its position in Coastal Financial by 8.4% in the 1st quarter. Northern Trust Corp now owns 116,160 shares of the company's stock worth $10,502,000 after buying an additional 9,015 shares during the period. Nuveen LLC bought a new stake in shares of Coastal Financial in the first quarter valued at approximately $7,871,000. Peregrine Capital Management LLC grew its stake in shares of Coastal Financial by 25.0% in the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company's stock worth $13,629,000 after acquiring an additional 28,099 shares during the last quarter. SG Americas Securities LLC increased its position in Coastal Financial by 69.1% during the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company's stock worth $1,040,000 after acquiring an additional 4,391 shares during the period. Finally, Quantbot Technologies LP raised its stake in Coastal Financial by 10,112.0% during the 1st quarter. Quantbot Technologies LP now owns 8,476 shares of the company's stock valued at $766,000 after purchasing an additional 8,393 shares during the last quarter. Institutional investors own 59.24% of the company's stock.
Analyst Ratings Changes
Several equities analysts have commented on CCB shares. Hovde Group set a $126.00 target price on shares of Coastal Financial in a research report on Monday, August 18th. Zacks Research raised Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. Cowen restated a "buy" rating on shares of Coastal Financial in a report on Friday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Coastal Financial in a report on Monday, December 1st. Finally, TD Cowen lifted their price target on shares of Coastal Financial from $140.00 to $155.00 and gave the company a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Coastal Financial presently has a consensus rating of "Buy" and an average target price of $125.17.
Read Our Latest Stock Analysis on Coastal Financial
About Coastal Financial
(
Get Free Report)
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.
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