Insider Buying: Coastal Financial Corporation (CCB) Director Acquires 4,000 Shares of Stock

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Coastal Financial Corporation (NYSE:CCB) Director Andrew P. Skotdal purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, September 5th. The shares were purchased at an average cost of $16.75 per share, with a total value of $67,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

NYSE CCB traded down $0.42 on Tuesday, reaching $15.98. 2,300 shares of the stock traded hands, compared to its average volume of 34,908. Coastal Financial Corporation has a 12 month low of $14.60 and a 12 month high of $18.90.

Coastal Financial (NYSE:CCB) last issued its quarterly earnings results on Tuesday, October 23rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $10.39 million during the quarter.

A number of equities analysts have issued reports on CCB shares. Keefe, Bruyette & Woods started coverage on Coastal Financial in a research note on Sunday, August 12th. They set a “market perform” rating and a $17.00 price target for the company. Hovde Group started coverage on Coastal Financial in a research note on Monday, August 13th. They set an “outperform” rating and a $20.00 price target for the company.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Coastal Financial during the 3rd quarter worth $1,360,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Coastal Financial during the 3rd quarter worth $7,531,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Coastal Financial during the 3rd quarter worth $170,000.

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Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to consumers and small to medium sized businesses in the Puget Sound region in Washington. It generates a range of deposit products, including checking and savings accounts, time deposits, and money market accounts.

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