Eric M. Sprink Sells 2,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 2,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $70.95, for a total value of $141,900.00. Following the transaction, the chief executive officer now owns 240,388 shares in the company, valued at $17,055,528.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Coastal Financial Price Performance

Coastal Financial stock opened at $72.51 on Wednesday. The company has a fifty day simple moving average of $56.99 and a 200-day simple moving average of $50.31. The firm has a market capitalization of $975.98 million, a price-to-earnings ratio of 24.41 and a beta of 1.22. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial Co. has a 52-week low of $35.67 and a 52-week high of $74.25.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 14.16%. On average, equities analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on CCB. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Raymond James boosted their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Hovde Group raised their target price on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th.

Institutional Trading of Coastal Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. nVerses Capital LLC grew its holdings in shares of Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock valued at $43,000 after purchasing an additional 600 shares during the period. EntryPoint Capital LLC raised its stake in Coastal Financial by 642.4% during the first quarter. EntryPoint Capital LLC now owns 1,663 shares of the company’s stock worth $65,000 after purchasing an additional 1,439 shares during the period. Quadrature Capital Ltd acquired a new position in Coastal Financial in the 1st quarter valued at about $207,000. Allspring Global Investments Holdings LLC grew its stake in shares of Coastal Financial by 22,360.0% in the 2nd 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 during the period. Finally, Quest Partners LLC acquired a new stake in shares of Coastal Financial during the 3rd quarter worth approximately $214,000. 59.24% of the stock is owned by institutional investors and hedge funds.

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.