Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 4,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.25, for a total value of $217,000.00. Following the completion of the transaction, the chief executive officer now directly owns 309,689 shares of the company’s stock, valued at $16,800,628.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Coastal Financial Price Performance

Shares of NASDAQ:CCB traded down $0.11 during midday trading on Wednesday, hitting $52.02. The company had a trading volume of 33,485 shares, compared to its average volume of 57,554. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $54.73. The stock has a market cap of $698.06 million, a price-to-earnings ratio of 18.19 and a beta of 1.24. 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 business’s 50-day simple moving average is $50.84 and its 200-day simple moving average is $45.65.

Coastal Financial (NASDAQ:CCB) last issued its 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. The business had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. On average, research analysts predict that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. EntryPoint Capital LLC raised its position in Coastal Financial by 642.4% in the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after purchasing an additional 1,439 shares during the period. Allspring Global Investments Holdings LLC lifted its position in 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 during the last quarter. Quadrature Capital Ltd purchased a new position in Coastal Financial during the first quarter worth about $207,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Coastal Financial in the 2nd quarter valued at approximately $332,000. Finally, Parallel Advisors LLC raised its stake in shares of 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 acquiring an additional 227 shares during the period. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CCB shares. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group boosted their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report 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.