Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 1,000 Shares

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total transaction of $59,190.00. Following the completion of the sale, the chief executive officer now owns 282,388 shares of the company’s stock, valued at approximately $16,714,545.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Coastal Financial Stock Up 1.4 %

Shares of Coastal Financial stock traded up $0.79 on Wednesday, reaching $59.00. The stock had a trading volume of 58,953 shares, compared to its average volume of 57,316. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $59.58. The company has a 50 day moving average price of $51.50 and a 200 day moving average price of $46.77. 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 has a market capitalization of $791.72 million, a P/E ratio of 20.35 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. As a group, equities research analysts forecast that Coastal Financial Co. will post 3.56 EPS for the current year.

Institutional Investors Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCB. EntryPoint Capital LLC increased its holdings in shares of Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after acquiring an additional 1,439 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Coastal Financial during the 1st quarter worth approximately $207,000. Allspring Global Investments Holdings LLC increased its stake in Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after purchasing an additional 4,472 shares in the last quarter. Creative Planning purchased a new position in shares of Coastal Financial in the third quarter worth $298,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Coastal Financial during the third quarter valued at $324,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CCB. Hovde Group lifted their price objective 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 Coastal Financial to a “moderate buy” rating in a research report 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.