Coastal Financial Co. (NASDAQ:CCB) CEO Sells $366,049.26 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares in the company, valued at approximately $15,886,798.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Coastal Financial Stock Performance

CCB traded up $0.53 during trading on Tuesday, hitting $50.85. The stock had a trading volume of 72,722 shares, compared to its average volume of 55,411. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average price of $50.30 and a 200-day moving average price of $44.47. Coastal Financial Co. has a one year low of $35.67 and a one year high of $54.00. The firm has a market cap of $682.36 million, a price-to-earnings ratio of 17.78 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating 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 company had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. As a group, research analysts predict that Coastal Financial Co. will post 3.52 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Coastal Financial by 0.9% during the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after acquiring an additional 20,517 shares during the period. Kennedy Capital Management LLC boosted its position in shares of Coastal Financial by 3.1% during the 1st quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after acquiring an additional 8,230 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after acquiring an additional 26,690 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Coastal Financial by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after purchasing an additional 1,956 shares in the last quarter. 59.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CCB shares. Hovde Group increased their price objective on shares of 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 shares of Coastal Financial to a “moderate buy” rating in a research note 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.