Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 3,223 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 3,223 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $50.44, for a total value of $162,568.12. Following the sale, the chief executive officer now owns 313,689 shares of the company’s stock, valued at $15,822,473.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Coastal Financial Price Performance

Coastal Financial stock opened at $50.85 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $54.00. The stock has a market capitalization of $682.36 million, a P/E ratio of 17.78 and a beta of 1.24. The stock has a fifty day moving average of $50.30 and a 200-day moving average of $44.47.

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

Hedge Funds Weigh In On Coastal Financial

Institutional investors have recently modified their holdings of the business. Truist Financial Corp increased its holdings in Coastal Financial by 19.5% in the 2nd quarter. Truist Financial Corp now owns 19,423 shares of the company’s stock worth $896,000 after purchasing an additional 3,171 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Coastal Financial in the 2nd quarter worth about $332,000. AQR Capital Management LLC increased its holdings in Coastal Financial by 19.6% in the 2nd quarter. AQR Capital Management LLC now owns 11,684 shares of the company’s stock worth $539,000 after purchasing an additional 1,912 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Coastal Financial by 6.0% in 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 in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after purchasing an additional 1,956 shares in the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.