Insider Selling: Coastal Financial (NASDAQ:CCB) Director Sells $21,780.00 in Stock

Coastal Financial Corporation (NASDAQ:CCB) Director Thomas Lane sold 300 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $72.60, for a total transaction of $21,780.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $68.22 on Thursday. The company has a 50 day moving average of $78.00 and a 200-day moving average of $95.16. Coastal Financial Corporation has a 1-year low of $66.50 and a 1-year high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.04 billion, a PE ratio of 21.39 and a beta of 0.76.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.24). Coastal Financial had a return on equity of 10.20% and a net margin of 7.35%.The firm had revenue of $56.30 million for the quarter, compared to the consensus estimate of $138.63 million. As a group, equities research analysts forecast that Coastal Financial Corporation will post 4.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. AQR Capital Management LLC increased its position in Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after acquiring an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after acquiring an additional 977 shares during the period. Goldman Sachs Group Inc. increased its position in Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after acquiring an additional 22,725 shares during the period. Empowered Funds LLC increased its position in Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after acquiring an additional 848 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after acquiring an additional 1,048 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCB has been the subject of several research reports. Weiss Ratings downgraded shares of Coastal Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 2nd. TD Cowen dropped their price objective on shares of Coastal Financial from $145.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Hovde Group dropped their price objective on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Stephens reissued an “overweight” rating and issued a $110.00 price objective on shares of Coastal Financial in a research note on Friday, May 1st. Finally, Zacks Research downgraded shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.60.

About Coastal Financial

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.