Key Points
- Director sale: Coastal Financial Director Steven Hovde sold 3,000 shares on December 10 at an average price of $117.25 for $351,750, trimming his stake by 20.69% to 11,500 shares (≈$1.35M).
- Recent results: The company reported quarterly EPS of $0.88 (missing estimates by $0.01) and revenue of $52.89M, well below the $133.44M analysts had expected.
- Analyst and institutional view: Analysts have an average "Buy" rating with a consensus target of $125.17 (several firms at $155), and institutional investors own about 59.24% of the stock.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) Director Steven Hovde sold 3,000 shares of the firm's stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $117.25, for a total transaction of $351,750.00. Following the completion of the sale, the director directly owned 11,500 shares in the company, valued at approximately $1,348,375. This trade represents a 20.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Coastal Financial Trading Down 0.3%
CCB opened at $117.05 on Friday. Coastal Financial Corporation has a one year low of $76.11 and a one year high of $119.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The business has a 50 day simple moving average of $107.39 and a two-hundred day simple moving average of $103.41. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 37.04 and a beta of 0.89.
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 the consensus estimate of $0.89 by ($0.01). The business had revenue of $52.89 million for the quarter, compared to analysts' expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. Analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.
Analysts Set New Price Targets
Several equities research analysts have recently 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 upgraded Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. TD Cowen increased their price objective on Coastal Financial from $140.00 to $155.00 and gave the stock a "buy" rating in a report on Friday, December 5th. UBS Group set a $155.00 target price on shares of Coastal Financial in a research report on Friday, December 5th. Finally, Cowen reiterated a "buy" rating on shares of Coastal Financial in a research note on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $125.17.
Check Out Our Latest Stock Analysis on Coastal Financial
Institutional Trading of Coastal Financial
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Coastal Financial by 7.9% in the first quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock worth $66,842,000 after buying an additional 53,937 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Coastal Financial by 6.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 98,858 shares of the company's stock worth $8,938,000 after acquiring an additional 5,899 shares during the last quarter. Invesco Ltd. lifted its position in Coastal Financial by 10.3% in the 1st quarter. Invesco Ltd. now owns 86,376 shares of the company's stock valued at $7,809,000 after acquiring an additional 8,065 shares in the last quarter. Nuveen LLC bought a new position in Coastal Financial in the 1st quarter valued at approximately $7,871,000. Finally, American Century Companies Inc. boosted its stake in Coastal Financial by 31.3% during the 1st quarter. American Century Companies Inc. now owns 206,433 shares of the company's stock valued at $18,664,000 after purchasing an additional 49,195 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.
Coastal Financial Company Profile
(
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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