Coastal Financial Co. (NASDAQ:CCB) CEO Sells $461,510.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total value of $461,510.00. Following the transaction, the chief executive officer now owns 251,388 shares in the company, valued at $16,574,010.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Coastal Financial Stock Down 1.2 %

Shares of NASDAQ CCB traded down $0.78 during trading on Thursday, reaching $65.79. 27,148 shares of the stock were exchanged, compared to its average volume of 58,150. The company has a market capitalization of $885.27 million, a price-to-earnings ratio of 22.16 and a beta of 1.24. The business’s 50-day moving average price is $54.29 and its 200 day moving average price is $48.45. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $66.73.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. As a group, equities analysts forecast that Coastal Financial Co. will post 3.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CCB. Raymond James upped their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods raised their target price on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Hovde Group raised their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC lifted its holdings in Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the last quarter. 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. Allspring Global Investments Holdings LLC grew its holdings in Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after buying an additional 4,472 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Coastal Financial during the 1st quarter valued at $207,000. Finally, Creative Planning bought a new stake in shares of Coastal Financial during the 3rd quarter valued at $298,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Coastal Financial Company Profile

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.