Insider Selling: Coastal Financial Co. (NASDAQ:CCB) EVP Sells 1,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $73.30 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $57.88 and its 200 day moving average price is $50.63. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $74.58. The stock has a market cap of $992.48 million, a price-to-earnings ratio of 24.68 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The firm had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. As a group, research analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal year.

Institutional Trading of Coastal Financial

Hedge funds have recently bought and sold shares of the company. Rosenthal Henry Capital Advisors Inc. raised its holdings in Coastal Financial by 214.0% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after acquiring an additional 20,525 shares during the last quarter. Riverwater Partners LLC grew its position in shares of Coastal Financial by 367.9% in the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after purchasing an additional 30,405 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after purchasing an additional 1,956 shares during the period. Moss Adams Wealth Advisors LLC acquired a new position in Coastal Financial in the third quarter valued at $1,020,000. Finally, American Century Companies Inc. lifted its position in Coastal Financial by 23.3% during the second 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 period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CCB. Hovde Group upped their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Raymond James increased their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th.

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.