Coastal Financial (NASDAQ:CCB) Director Steven Hovde Purchases 10,000 Shares

Coastal Financial Corporation (NASDAQ:CCB) Director Steven Hovde bought 10,000 shares of Coastal Financial stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $43.83 per share, with a total value of $438,300.00. Following the completion of the acquisition, the director owned 26,500 shares of the company’s stock, valued at $1,161,495. The trade was a 60.61% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Coastal Financial Trading Up 3.2%

CCB stock traded up $1.41 during mid-day trading on Friday, reaching $45.34. 274,009 shares of the stock traded hands, compared to its average volume of 367,255. Coastal Financial Corporation has a 52-week low of $36.61 and a 52-week high of $120.05. The stock’s fifty day moving average is $70.26 and its 200-day moving average is $77.57. The company has a market cap of $691.43 million, a P/E ratio of -161.92 and a beta of 0.76. The company has a current ratio of 1.06, a quick ratio of 1.03 and a debt-to-equity ratio of 0.10.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%.The firm had revenue of $178.07 million during the quarter, compared to analysts’ expectations of $148.50 million. As a group, sell-side analysts expect that Coastal Financial Corporation will post 1.26 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on CCB. Keefe, Bruyette & Woods decreased their target price on Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Zacks Research lowered Coastal Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday. TD Cowen dropped their target price on Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Coastal Financial in a research report on Monday, June 29th. Finally, Stephens restated an “overweight” rating and set a $110.00 price target on shares of Coastal Financial in a report on Friday, May 1st. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Coastal Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CCB. Bank of New York Mellon Corp bought a new position in shares of Coastal Financial during the 2nd quarter worth about $3,013,000. First Bank & Trust lifted its stake in shares of Coastal Financial by 5.5% in the second quarter. First Bank & Trust now owns 12,012 shares of the company’s stock valued at $931,000 after buying an additional 630 shares during the period. Bank of America Corp DE grew its position in Coastal Financial by 71.2% during the first quarter. Bank of America Corp DE now owns 86,657 shares of the company’s stock worth $6,595,000 after buying an additional 36,045 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Coastal Financial by 1.4% during the first quarter. The Manufacturers Life Insurance Company now owns 337,819 shares of the company’s stock valued at $25,708,000 after acquiring an additional 4,611 shares during the period. Finally, Quantinno Capital Management LP increased its stake in Coastal Financial by 1,026.9% during the first quarter. Quantinno Capital Management LP now owns 25,377 shares of the company’s stock valued at $1,931,000 after acquiring an additional 23,125 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Coastal Financial Company Profile

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.