Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 3,000 Shares

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $52.56, for a total transaction of $157,680.00. Following the completion of the transaction, the chief executive officer now owns 310,689 shares of the company’s stock, valued at approximately $16,329,813.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Coastal Financial Trading Up 1.9 %

Shares of CCB traded up $1.00 during mid-day trading on Monday, reaching $53.99. 150,161 shares of the company were exchanged, compared to its average volume of 57,494. The business has a 50 day simple moving average of $50.79 and a two-hundred day simple moving average of $45.36. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $724.49 million, a PE ratio of 18.88 and a beta of 1.24. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $54.73.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $168.30 million. On average, analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently bought and sold shares of CCB. EntryPoint Capital LLC grew its holdings in Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the period. Quadrature Capital Ltd acquired a new position in Coastal Financial during the first quarter worth $207,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after buying an additional 4,472 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Coastal Financial during the second quarter valued at about $332,000. Finally, Parallel Advisors LLC increased its position in shares of Coastal Financial by 2.9% during the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after acquiring an additional 227 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CCB. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. Hovde Group boosted their price objective 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.

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.