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Joel Edwards, the Chief Financial Officer of Coastal Financial Corp (NASDAQ:CCB), recently executed a significant stock sale. On May 16, Edwards sold 3,128 shares of the company’s common stock at a price of $88.44 per share, totaling $276,640. The transaction comes as CCB trades near $88.56, following an impressive 91% return over the past year. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value. Following this transaction, Edwards retains ownership of 41,387 shares, which includes 10,962 restricted stock units (RSUs) scheduled to vest between June 2025 and April 2026. This transaction was filed with the SEC and signed by Melisa Nelson, acting as attorney-in-fact. With a market capitalization of $1.33 billion and analyst price targets ranging from $100 to $120, InvestingPro data shows the company maintains a GREAT financial health score, though it trades at a relatively high P/E ratio of 25.7x.
In other recent news, Coastal Financial has been in the spotlight following several notable developments. Keefe, Bruyette & Woods have maintained their Outperform rating on Coastal Financial, keeping a steady price target of $114.00. This comes amid the company’s recent announcement of a material weakness and the need to restate its financials, though analysts emphasized that this restatement does not affect the bank’s earnings per share (EPS) or core key performance indicators (KPIs). The analysts have expressed confidence in Coastal Financial’s financial position, noting that the revisions are minor and do not impact the core financial metrics.
Coastal Financial’s strategic initiatives include sponsoring Robinhood (NASDAQ:HOOD)’s new banking product suite, with the Gold Card being highlighted as a significant growth driver. The bank’s recent partnerships with companies like Dave and T-Mobile are expected to have an immediate impact on its financials. Analysts project an impressive earnings per share growth of over 155% from 2024 to 2026, citing the company’s strong regulatory positioning and improving return profile. The firm’s commitment to digital banking innovation and its reasonable valuation further contribute to its status as a top pick in the digital banking sector.
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