Steven Hovde, a director at Coastal Financial Corporation (NASDAQ: CCB), sold 3,000 shares of the company’s stock on December 8, 2023, for a total of $342,000. The shares were sold at an average price of $114.00 each, reducing Hovde’s ownership to 16,000 shares, valued at approximately $1,824,000. This transaction reflects a 15.79% decrease in his stake in the company. The details of this trade were disclosed in a filing with the Securities and Exchange Commission.
Market Activity and Stock Performance
On the same day, shares of Coastal Financial experienced a modest increase, trading up 1.2% to reach $114.69. The trading volume for the day was 94,473 shares, compared to the average volume of 121,444 shares. Currently, the stock’s fifty-day simple moving average stands at $106.99, while the two-hundred day average is $102.82. Over the past year, Coastal Financial’s stock has fluctuated significantly, with a 52-week low of $73.80 and a 52-week high of $119.22.
The company maintains a solid financial position, evidenced by a debt-to-equity ratio of 0.10, a current ratio of 1.06, and a quick ratio of 1.05. Coastal Financial boasts a market capitalization of $1.73 billion, a price-to-earnings (P/E) ratio of 36.29, and a beta of 0.89.
Recent Financial Results and Analyst Ratings
Coastal Financial announced its latest quarterly earnings on October 29, 2023, reporting earnings per share of $0.88. This figure fell short of analysts’ expectations, which had predicted $0.89 per share. The company generated $52.89 million in revenue for the quarter, considerably lower than the anticipated $133.44 million. The firm achieved a return on equity of 10.45% and a net margin of 7.14%. Analysts project that Coastal Financial will post an earnings per share figure of 4.59 for the current fiscal year.
Research firms have recently provided varying recommendations regarding Coastal Financial’s stock. Cowen reiterated a “buy” rating, while Zacks Research upgraded their rating from “strong sell” to “hold.” Additionally, Hovde Group set a price target of $126.00, and UBS Group established a target of $155.00. Following these updates, TD Cowen also revised their price target from $140.00 to $155.00, maintaining a “buy” rating. Overall, the stock has received one “Strong Buy” rating, six “Buy” ratings, and one “Hold” rating, leading to an average rating of “Buy” with a consensus target price of $125.17.
Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank, providing a range of financial products and services to small and medium-sized businesses, as well as individuals in the Puget Sound region of Washington. Their offerings include various deposit products such as demand and savings accounts, time deposits, and money market accounts.
