Coastal Financial Co. (NASDAQ:CCB) CEO Sells $281,450.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 5,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $56.29, for a total value of $281,450.00. Following the completion of the sale, the chief executive officer now directly owns 289,285 shares in the company, valued at approximately $16,283,852.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Coastal Financial Stock Performance

NASDAQ CCB opened at $56.67 on Monday. The firm has a market capitalization of $760.45 million, a P/E ratio of 19.81 and a beta of 1.24. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $57.01. 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 $51.09 and its 200-day simple moving average is $46.51.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $167.41 million for 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%. Equities analysts predict that Coastal Financial Co. will post 3.56 EPS for the current year.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently modified their holdings of the stock. Diversify Advisory Services LLC purchased a new stake in shares of Coastal Financial during the 1st quarter valued at about $714,000. Envestnet Asset Management Inc. raised its holdings in shares of Coastal Financial by 3.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after buying an additional 1,956 shares during the period. Norden Group LLC purchased a new stake in shares of Coastal Financial during the 1st quarter valued at about $1,488,000. Vanguard Group Inc. raised its holdings in shares of Coastal Financial by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after buying an additional 5,592 shares during the period. Finally, American Century Companies Inc. increased its holdings in 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 purchasing an additional 26,690 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on CCB. Hovde Group lifted their price objective on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods raised 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.