Truist Financial Corp Buys 3,171 Shares of Coastal Financial Co. (NASDAQ:CCB)

Truist Financial Corp increased its stake in Coastal Financial Co. (NASDAQ:CCB) by 19.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,423 shares of the company’s stock after purchasing an additional 3,171 shares during the period. Truist Financial Corp’s holdings in Coastal Financial were worth $896,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. EntryPoint Capital LLC boosted its stake 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 acquiring an additional 1,439 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Coastal Financial in the 1st quarter worth $207,000. Allspring Global Investments Holdings LLC grew its stake in shares of Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after purchasing an additional 4,472 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Coastal Financial in the second quarter valued at about $332,000. Finally, Parallel Advisors LLC boosted its holdings in Coastal Financial by 2.9% during the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after buying an additional 227 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Buying and Selling

In other news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the completion of the transaction, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was 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 of the company’s stock, valued at approximately $15,886,798.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Eric M. Sprink sold 3,223 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $50.44, for a total transaction of $162,568.12. Following the transaction, the chief executive officer now owns 313,689 shares in the company, valued at approximately $15,822,473.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,631 shares of company stock worth $2,723,000. 16.82% of the stock is owned by insiders.

Coastal Financial Stock Performance

Shares of CCB stock opened at $57.52 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $58.10. The company’s 50 day moving average price is $51.29 and its two-hundred day moving average price is $46.64. The company has a market capitalization of $771.86 million, a P/E ratio of 20.11 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The firm had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. On average, analysts expect that Coastal Financial Co. will post 3.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

CCB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. Hovde Group lifted 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.

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.