Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 3,482 Shares

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 3,482 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $71.14, for a total value of $247,709.48. Following the completion of the transaction, the chief executive officer now directly owns 244,906 shares in the company, valued at $17,422,612.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Coastal Financial Stock Performance

Shares of NASDAQ:CCB traded up $6.99 during trading on Wednesday, hitting $70.90. 244,868 shares of the stock traded hands, compared to its average volume of 59,517. 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 company has a fifty day moving average price of $55.17 and a two-hundred day moving average price of $49.23. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $72.96. The company has a market cap of $954.31 million, a price-to-earnings ratio of 23.87 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. As a group, equities analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Institutional Trading of Coastal Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC boosted its stake in shares of Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after acquiring an additional 536 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Coastal Financial in the 3rd quarter valued at $296,000. Arcus Capital Partners LLC boosted its stake in Coastal Financial by 8.5% during the 3rd quarter. Arcus Capital Partners LLC now owns 8,896 shares of the company’s stock worth $480,000 after purchasing an additional 700 shares during the last quarter. GSA Capital Partners LLP raised its holdings in Coastal Financial by 7.8% in the 3rd quarter. GSA Capital Partners LLP now owns 11,850 shares of the company’s stock valued at $640,000 after acquiring an additional 857 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Coastal Financial by 79.9% in the third quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company’s stock valued at $3,097,000 after purchasing an additional 25,482 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Raymond James increased their price target 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. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Hovde Group lifted their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th.

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.