Coastal Financial Co. (NASDAQ:CCB) CFO Sells $45,961.30 in Stock

Coastal Financial Co. (NASDAQ:CCB) CFO Joel G. Edwards sold 1,034 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total value of $45,961.30. Following the sale, the chief financial officer now directly owns 56,369 shares in the company, valued at $2,505,602.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Trading Up 2.2 %

Shares of Coastal Financial stock opened at $44.36 on Monday. The firm has a market cap of $595.31 million, a price-to-earnings ratio of 15.51 and a beta of 1.16. The business has a 50-day moving average price of $40.27 and a 200-day moving average price of $40.60. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16. Coastal Financial Co. has a twelve month low of $34.02 and a twelve month high of $48.50.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.11). The firm had revenue of $147.89 million for the quarter, compared to analysts’ expectations of $121.10 million. Coastal Financial had a net margin of 6.55% and a return on equity of 14.31%. Equities research analysts anticipate that Coastal Financial Co. will post 3.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Hovde Group decreased their price target on Coastal Financial from $57.50 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. Mendon Capital Advisors Corp purchased a new position in Coastal Financial in the fourth quarter worth about $5,329,000. Kennedy Capital Management LLC grew its position in Coastal Financial by 17.2% in the third quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock worth $11,315,000 after acquiring an additional 38,632 shares in the last quarter. Norden Group LLC purchased a new position in Coastal Financial in the first quarter worth about $1,488,000. Diversify Advisory Services LLC purchased a new position in Coastal Financial in the first quarter worth about $714,000. Finally, Cox Capital Mgt LLC grew its position in Coastal Financial by 79.8% in the fourth quarter. Cox Capital Mgt LLC now owns 35,454 shares of the company’s stock worth $1,575,000 after acquiring an additional 15,730 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.