Coastal Financial Co. (NASDAQ:CCB) CEO Sells $252,800.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 4,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $63.20, for a total value of $252,800.00. Following the completion of the sale, the chief executive officer now owns 271,078 shares in the company, valued at approximately $17,132,129.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Coastal Financial Price Performance

Shares of Coastal Financial stock traded down $0.78 during trading on Thursday, hitting $65.79. 27,148 shares of the company’s stock traded hands, compared to its average volume of 58,150. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $66.73. The company has a market cap of $885.27 million, a PE ratio of 22.16 and a beta of 1.24. The firm’s fifty day moving average price is $54.29 and its 200 day moving average price is $48.45. 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 (NASDAQ:CCB) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The business had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Analysts forecast that Coastal Financial Co. will post 3.56 earnings per share for the current year.

Analyst Ratings Changes

CCB has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday. Hovde Group upped their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, 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.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CCB. Parallel Advisors LLC boosted its stake in Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares during the period. Riverwater Partners LLC lifted its position in shares of Coastal Financial by 6.4% during the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after acquiring an additional 494 shares during the period. nVerses Capital LLC lifted its position in shares of 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 acquiring an additional 600 shares during the period. EntryPoint Capital LLC lifted its position in shares of Coastal Financial by 642.4% during the 1st 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 during the period. Finally, Rhumbline Advisers lifted its position in shares of Coastal Financial by 10.6% during the 2nd quarter. Rhumbline Advisers now owns 15,981 shares of the company’s stock valued at $737,000 after acquiring an additional 1,535 shares during the period. Institutional investors and hedge funds 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.