Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 1,000 Shares of Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 1,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $63.11, for a total value of $63,110.00. Following the completion of the sale, the chief executive officer now owns 250,388 shares in the company, valued at $15,801,986.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Coastal Financial Trading Up 10.9 %

Shares of NASDAQ:CCB traded up $6.99 during trading hours on Wednesday, hitting $70.90. 244,868 shares of the company’s stock traded hands, compared to its average volume of 59,517. The firm has a market capitalization of $954.31 million, a P/E ratio of 23.87 and a beta of 1.22. The business has a fifty day moving average price of $55.17 and a 200-day moving average price of $49.23. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $72.96. 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 posted its quarterly earnings results on Monday, October 28th. The company reported $0.97 EPS for the quarter, topping the consensus estimate 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 net margin of 5.98% and a return on equity of 14.16%. Equities analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of Coastal Financial

A number of large investors have recently modified their holdings of CCB. Vanguard Group Inc. raised its holdings in shares of Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after acquiring an additional 5,592 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after buying an additional 20,517 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in 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 buying an additional 8,230 shares during the period. American Century Companies Inc. boosted its position in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after acquiring an additional 26,690 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after acquiring an additional 1,956 shares in the last quarter. Hedge funds and other institutional investors own 59.24% of the company’s stock.

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.