Coastal Financial Co. (NASDAQ:CCB) CEO Sells $63,110.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $63.11, for a total value of $63,110.00. Following the transaction, the chief executive officer now owns 250,388 shares in the company, valued at $15,801,986.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Stock Up 10.9 %

Coastal Financial stock opened at $70.90 on Thursday. The firm has a market capitalization of $954.03 million, a P/E ratio of 23.87 and a beta of 1.22. The company has a 50-day simple moving average of $55.54 and a 200-day simple moving average of $49.38. Coastal Financial Co. has a one year low of $35.67 and a one year high of $72.96. 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 (NASDAQ:CCB) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 14.16%. As a group, equities analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Institutional Trading of Coastal Financial

Several hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC increased its holdings in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC increased its stake in Coastal Financial by 642.4% during the 1st quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock valued at $65,000 after buying an additional 1,439 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after buying an additional 4,472 shares in the last quarter. Portside Wealth Group LLC lifted its stake in shares of Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after acquiring an additional 166 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Coastal Financial in the 1st quarter worth approximately $207,000. Institutional investors own 59.24% of the company’s stock.

Analysts Set New Price Targets

CCB has been the topic of a number of recent research reports. Hovde Group raised their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Raymond James raised their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods upped their target price on Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

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.