Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 7,302 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Coastal Financial Trading Up 1.1 %

Shares of CCB stock traded up $0.53 during mid-day trading on Tuesday, reaching $50.85. 72,722 shares of the stock traded hands, compared to its average volume of 55,411. The company has a market cap of $682.36 million, a price-to-earnings ratio of 17.78 and a beta of 1.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $50.30 and its two-hundred day simple moving average is $44.47. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $54.00.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The business had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. On average, research analysts anticipate that Coastal Financial Co. will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Coastal Financial by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after buying an additional 20,517 shares during the period. Kennedy Capital Management LLC raised its position in shares of Coastal Financial by 3.1% during the first quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after acquiring an additional 8,230 shares during the last quarter. American Century Companies Inc. raised its position in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after acquiring an additional 26,690 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Coastal Financial by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after acquiring an additional 1,956 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

CCB has been the topic of several research reports. Hovde Group lifted their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

About Coastal Financial

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