Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 3,705 Shares

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 3,705 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $60.01, for a total transaction of $222,337.05. Following the sale, the chief executive officer now directly owns 275,683 shares of the company’s stock, valued at $16,543,736.83. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Coastal Financial Stock Performance

NASDAQ:CCB traded down $1.53 during trading hours on Friday, hitting $58.45. 62,473 shares of the company were exchanged, compared to its average volume of 57,442. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $61.22. The stock has a market capitalization of $784.34 million, a price-to-earnings ratio of 20.97 and a beta of 1.24. The company’s 50 day moving average price is $53.20 and its 200-day moving average price is $47.70.

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

Analyst Ratings Changes

Several analysts have recently commented on CCB shares. Hovde Group increased their price objective on 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.

Institutional Trading of Coastal Financial

Several large investors have recently added to or reduced their stakes in CCB. Norden Group LLC purchased a new stake in shares of Coastal Financial in the 1st quarter valued at $1,488,000. Riverwater Partners LLC boosted its holdings in Coastal Financial by 367.9% in the third quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after purchasing an additional 30,405 shares during the last quarter. American Century Companies Inc. grew its position in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the period. Dimensional Fund Advisors LP grew its position in Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after purchasing an additional 20,517 shares during the period. Finally, Moss Adams Wealth Advisors LLC purchased a new position in shares of Coastal Financial during the 3rd quarter valued at about $1,020,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.