Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 3,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 3,000 shares of Coastal Financial stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $52.56, for a total value of $157,680.00. Following the sale, the chief executive officer now directly owns 310,689 shares of the company’s stock, valued at approximately $16,329,813.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $52.13 on Wednesday. The stock has a fifty day moving average price of $50.82 and a 200-day moving average price of $45.60. The company has a market cap of $699.53 million, a price-to-earnings ratio of 18.23 and a beta of 1.24. 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 fifty-two week low of $35.67 and a fifty-two week high of $54.73.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $167.41 million during 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%. As a group, equities analysts anticipate that Coastal Financial Co. will post 3.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CCB shares. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. Hovde Group raised their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th.

Institutional Trading of Coastal Financial

A number of institutional investors have recently modified their holdings of CCB. 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 buying an additional 1,439 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Coastal Financial in the first quarter valued at about $207,000. Allspring Global Investments Holdings LLC boosted its stake in Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after buying an additional 4,472 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Coastal Financial in the second quarter valued at about $332,000. Finally, Parallel Advisors LLC boosted 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 buying an additional 227 shares in the last quarter. 59.24% of the stock is currently owned by institutional investors.

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.