Coastal Financial Co. (NASDAQ:CCB) CFO Sells $276,640.32 in Stock

Coastal Financial Co. (NASDAQ:CCB) CFO Joel G. Edwards sold 3,128 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer now directly owns 41,387 shares in the company, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Coastal Financial Price Performance

Coastal Financial stock opened at $87.40 on Friday. Coastal Financial Co. has a 52 week low of $42.64 and a 52 week high of $102.25. The company’s 50 day moving average price is $84.92 and its two-hundred day moving average price is $83.63. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.31 billion, a P/E ratio of 26.89 and a beta of 0.94.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Tuesday, April 29th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%. The firm had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. On average, equities analysts predict that Coastal Financial Co. will post 4.59 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

Hedge funds have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Coastal Financial by 1.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,339,269 shares of the company’s stock worth $121,084,000 after purchasing an additional 16,944 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company’s stock worth $66,842,000 after purchasing an additional 53,937 shares during the last quarter. Azora Capital LP increased its stake in shares of 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 purchasing an additional 196,148 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 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 purchasing an additional 417,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its stake in shares of 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 purchasing an additional 359,371 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CCB. Stephens reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Coastal Financial in a research report on Tuesday, March 18th. Raymond James dropped their price target on shares of Coastal Financial from $105.00 to $100.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 30th. Hovde Group dropped their price target on shares of Coastal Financial from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Coastal Financial from $114.00 to $110.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th.

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.