Eric M. Sprink Sells 7,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 302,689 shares in the company, valued at approximately $15,745,881.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Coastal Financial Stock Down 3.5 %

Shares of Coastal Financial stock opened at $51.67 on Friday. Coastal Financial Co. has a 12-month low of $35.67 and a 12-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. The stock has a 50 day moving average price of $50.65 and a two-hundred day moving average price of $44.66. The stock has a market capitalization of $693.36 million, a P/E ratio of 18.44 and a beta of 1.24.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to analyst estimates of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. Equities analysts expect that Coastal Financial Co. will post 3.52 earnings per share for the current year.

Hedge Funds Weigh In On Coastal Financial

A number of institutional investors have recently made changes to their positions in CCB. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 5,592 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after acquiring an additional 20,517 shares during the period. Kennedy Capital Management LLC grew its stake in shares of Coastal Financial by 3.1% in the first quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after acquiring an additional 8,230 shares during the last quarter. American Century Companies Inc. increased its position in Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after acquiring an additional 26,690 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in 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 purchasing an additional 1,956 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CCB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upgraded shares of Coastal Financial to a “moderate buy” rating in a report on Tuesday, July 30th. Hovde Group raised their target price on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a 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.