Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 7,302 Shares

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now directly owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Coastal Financial Stock Performance

Shares of CCB stock opened at $50.85 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $54.00. The business’s 50 day moving average is $50.30 and its two-hundred day moving average is $44.47. The company has a market capitalization of $682.36 million, a P/E ratio of 17.78 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $168.30 million. Analysts expect that Coastal Financial Co. will post 3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Hovde Group lifted their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

Institutional Trading of Coastal Financial

A number of institutional investors have recently made changes to their positions in the company. Norden Group LLC purchased a new stake in Coastal Financial in the 1st quarter valued at $1,488,000. American Century Companies Inc. grew its holdings in shares of Coastal Financial by 23.3% in the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares during the period. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 20,517 shares during the period. Diversify Advisory Services LLC acquired a new stake in Coastal Financial during the first quarter worth about $714,000. Finally, Rosenthal Henry Capital Advisors Inc. purchased a new position in Coastal Financial during the second quarter worth about $443,000. 59.24% of the stock is owned by institutional investors and hedge funds.

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.