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 firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $70.95, for a total transaction of $141,900.00. Following the sale, the chief executive officer now directly owns 240,388 shares of the company’s stock, valued at approximately $17,055,528.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Coastal Financial Price Performance

Shares of CCB stock opened at $73.66 on Thursday. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $74.57. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $57.43 and its 200-day moving average is $50.47. The firm has a market capitalization of $997.36 million, a price-to-earnings ratio of 24.80 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The firm 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 13.86%. Sell-side analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Several large investors have recently made changes to their positions in the company. Portside Wealth Group LLC boosted its stake in Coastal Financial by 3.7% in the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after acquiring an additional 166 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Coastal Financial by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after purchasing an additional 227 shares during the last quarter. FMR LLC grew its stake in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after purchasing an additional 228 shares during the period. Riverwater Partners LLC grew its stake in shares of Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after purchasing an additional 494 shares during the period. Finally, Empowered Funds LLC increased its holdings in Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock valued at $598,000 after purchasing an additional 536 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Raymond James boosted their target price on 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 price objective on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” 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 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.