Steven Hovde, a director at Coastal Financial Corporation (NASDAQ: CCB), 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 now holds 16,000 shares, valued at approximately $1.82 million. This transaction reflects a 15.79% reduction in his ownership stake.
The details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), providing transparency regarding insider trading activities at the company.
Market Performance and Recent Earnings
During mid-day trading on December 8, Coastal Financial’s stock increased by 1.2%, reaching $114.69. The trading volume for the day was 94,473 shares, compared to the average volume of 121,444 shares. The stock has shown a range over the past year, with a low of $73.80 and a high of $119.22. Coastal Financial’s market capitalization stands at $1.73 billion, with a price-to-earnings (P/E) ratio of 36.29.
The company’s most recent quarterly earnings report, released on October 29, 2023, indicated earnings per share of $0.88, which fell short of analysts’ consensus estimate of $0.89. Additionally, the firm reported revenue of $52.89 million, significantly below the expected $133.44 million. Coastal Financial currently has a return on equity of 10.45% and a net margin of 7.14%.
Analyst Ratings and Future Outlook
Several research firms have recently provided updates on Coastal Financial’s stock. Cowen reiterated a “buy” rating, while Zacks Research upgraded the stock from a “strong sell” to a “hold” rating. The Hovde Group set a target price of $126.00 for the shares, and UBS Group established a target of $155.00. TD Cowen increased its target from $140.00 to $155.00 and maintained a “buy” rating.
Currently, one equities research analyst has given the stock a “Strong Buy” rating, six analysts have rated it as a “Buy,” and one has assigned a “Hold” rating. The average consensus target price for Coastal Financial is $125.17, according to data from MarketBeat.
Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank, which offers various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region of Washington. The bank provides a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.
As market dynamics evolve, the performance of Coastal Financial will be closely monitored by analysts and investors alike.
