Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 4,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 4,000 shares of Coastal Financial 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 directly owns 309,689 shares in the company, valued at $16,800,628.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Coastal Financial Stock Performance

Coastal Financial stock opened at $52.75 on Friday. The firm’s 50 day simple moving average is $50.84 and its 200-day simple moving average is $45.69. The company has a market cap of $707.85 million, a P/E ratio of 18.44 and a beta of 1.24. 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 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, topping the consensus estimate of $0.81 by $0.03. The business had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. As a group, equities research analysts predict that Coastal Financial Co. will post 3.52 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norden Group LLC purchased a new position in Coastal Financial during the first quarter valued at approximately $1,488,000. American Century Companies Inc. grew 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 valued at $6,515,000 after purchasing an additional 26,690 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Coastal Financial by 6.0% during 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 in the last quarter. Diversify Advisory Services LLC purchased a new position in Coastal Financial during the first quarter valued at approximately $714,000. Finally, Rosenthal Henry Capital Advisors Inc. purchased a new position in Coastal Financial during the second quarter valued at approximately $443,000. 59.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CCB shares. Hovde Group lifted their price objective on shares of Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research note 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.