Coastal Financial Corporation (NASDAQ: CCB) announced that its director, Steven Hovde, sold 3,000 shares of the company’s stock on December 8, 2023. The shares were sold at an average price of $114.00, resulting in a total transaction value of $342,000. Following this sale, Hovde retained 16,000 shares, valued at approximately $1.824 million, reflecting a 15.79% decrease in his ownership of Coastal Financial.
The transaction was officially disclosed in a filing with the Securities and Exchange Commission, providing transparency to investors regarding the director’s stake in the company.
Coastal Financial Stock Performance
During mid-day trading on the same day, Coastal Financial’s stock saw an increase of 1.2%, rising by $1.37 to reach $114.69. The trading volume reached 94,473 shares, which is lower than the average volume of 121,444 shares. The stock’s fifty-day simple moving average stands at $106.99, while the two-hundred-day simple moving average is at $102.82. Coastal Financial has experienced a 52-week low of $73.80 and a high of $119.22.
The company maintains a healthy financial profile, evidenced by a debt-to-equity ratio of 0.10 and current and quick ratios of 1.06 and 1.05, respectively. With a market capitalization of $1.73 billion and a price-to-earnings (P/E) ratio of 36.29, Coastal Financial demonstrates a robust position in the market.
Recent Earnings and Analyst Ratings
Coastal Financial Corporation reported its quarterly earnings on October 29, 2023, revealing earnings per share of $0.88. This figure fell slightly short of analysts’ consensus estimate of $0.89 by $0.01. The company generated revenues of $52.89 million for the quarter, which was significantly below expectations of $133.44 million. The firm’s return on equity was recorded at 10.45%, with a net margin of 7.14%.
Looking ahead, researchers anticipate that Coastal Financial Corporation will achieve earnings per share of 4.59 for the current year.
Several financial analysts have recently updated their ratings for Coastal Financial. Cowen maintained a “buy” rating in a report released on Friday, while Zacks Research upgraded its rating from “strong sell” to “hold” on September 29, 2023. Hovde Group set a target price of $126.00, and UBS Group established a higher target of $155.00 for the stock. Additionally, TD Cowen raised its price target from $140.00 to $155.00 and reaffirmed a “buy” rating.
Currently, one analyst has rated the stock as a Strong Buy, six analysts have given it a Buy rating, and one has issued a Hold rating. The average consensus rating remains at “Buy,” with a target price of approximately $125.17.
Coastal Financial Corporation serves as the bank holding company for Coastal Community Bank, providing various banking services and products to small and medium-sized businesses, professionals, and individuals primarily in the Puget Sound region of Washington. The bank offers a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.
