Eric M. Sprink Sells 4,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.25, for a total transaction of $217,000.00. Following the completion of the transaction, the chief executive officer now owns 309,689 shares in the company, valued at approximately $16,800,628.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Coastal Financial Stock Performance

NASDAQ:CCB traded down $0.11 during trading hours on Wednesday, reaching $52.02. The company had a trading volume of 33,485 shares, compared to its average volume of 57,554. The firm has a market cap of $698.06 million, a PE ratio of 18.19 and a beta of 1.24. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $54.73. The business’s 50 day moving average price is $50.84 and its 200-day moving average price is $45.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The company 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%. Research analysts forecast that Coastal Financial Co. will post 3.52 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after acquiring an additional 5,592 shares in the last quarter. Dimensional Fund Advisors LP grew 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 purchasing an additional 20,517 shares during the period. Kennedy Capital Management LLC increased its stake in shares of Coastal Financial by 3.1% during the first quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after purchasing an additional 8,230 shares in the last quarter. American Century Companies Inc. increased its stake in shares of 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 purchasing an additional 26,690 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock valued at $2,679,000 after buying an additional 1,956 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Analysts Set New Price Targets

Several analysts have 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 upped their price target on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th.

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.