Eric M. Sprink Sells 7,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,000 shares of the business’s stock in a transaction 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 directly owns 251,388 shares of the company’s stock, valued at $16,574,010.84. The trade was 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 the SEC website.

Coastal Financial Trading Down 5.4 %

NASDAQ:CCB opened at $62.99 on Friday. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $66.73. 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 cap of $847.59 million, a P/E ratio of 21.21 and a beta of 1.24. The stock has a 50-day simple moving average of $54.55 and a 200-day simple moving average of $48.55.

Coastal Financial (NASDAQ:CCB) last posted its 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 business had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. As a group, analysts anticipate that Coastal Financial Co. will post 3.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the subject of several analyst reports. Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday. Raymond James upped their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upped their price objective on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday.

Institutional Trading of Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Norden Group LLC purchased a new stake in Coastal Financial during the 1st quarter valued at approximately $1,488,000. Riverwater Partners LLC raised its stake in Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock valued at $2,012,000 after acquiring an additional 30,405 shares during the last quarter. American Century Companies Inc. raised its stake in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after acquiring an additional 26,690 shares during the last quarter. Rosenthal Henry Capital Advisors Inc. raised its stake in Coastal Financial by 214.0% during the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock valued at $1,626,000 after acquiring an additional 20,525 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after acquiring an additional 20,517 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.