Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 7,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $52.02, for a total transaction of $364,140.00. Following the completion of the transaction, the chief executive officer now owns 302,689 shares in the company, valued at $15,745,881.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Coastal Financial Stock Performance

Shares of CCB traded up $2.57 during midday trading on Thursday, reaching $53.52. 155,276 shares of the stock were exchanged, compared to its average volume of 56,096. The stock’s 50 day simple moving average is $50.54 and its 200 day simple moving average is $44.60. The company has a market cap of $718.18 million, a P/E ratio of 18.61 and a beta of 1.24. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $54.00. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. The business had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. On average, sell-side analysts expect that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on the stock. 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 objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock valued at $369,000 after purchasing an additional 227 shares in the last quarter. Riverwater Partners LLC raised its position in shares of Coastal Financial by 6.4% in the 2nd quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock valued at $381,000 after buying an additional 494 shares in the last quarter. Cox Capital Mgt LLC raised its position in shares of Coastal Financial by 1.6% in the 1st quarter. Cox Capital Mgt LLC now owns 36,010 shares of the company’s stock valued at $1,400,000 after buying an additional 556 shares in the last quarter. First Bank & Trust lifted its holdings in shares of Coastal Financial by 3.6% during the 1st quarter. First Bank & Trust now owns 21,767 shares of the company’s stock worth $846,000 after acquiring an additional 761 shares during the period. Finally, EntryPoint Capital LLC boosted its position in shares of Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after acquiring an additional 1,439 shares in the last quarter. 59.24% of the stock is currently owned by 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.