Eric M. Sprink Sells 4,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

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

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.78 during trading hours on Thursday, reaching $65.79. 27,148 shares of the stock traded hands, compared to its average volume of 58,150. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The company’s 50-day simple moving average is $54.29 and its two-hundred day simple moving average is $48.45. The company has a market capitalization of $885.27 million, a P/E ratio of 22.16 and a beta of 1.24. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $66.73.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share 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 company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Equities research analysts forecast that Coastal Financial Co. will post 3.56 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Coastal Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. nVerses Capital LLC boosted its holdings in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC raised its position in shares of Coastal Financial by 642.4% in the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Coastal Financial by 22,360.0% during the 2nd 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 during the last quarter. Quadrature Capital Ltd purchased a new stake in Coastal Financial during the 1st quarter valued at about $207,000. Finally, Creative Planning purchased a new stake in shares of Coastal Financial in the third quarter worth about $298,000. Institutional investors 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.