Coastal Financial Co. (NASDAQ:CCB) CEO Sells $141,900.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 2,000 shares of Coastal Financial stock in a transaction 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 represents a 0.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Coastal Financial Price Performance

CCB opened at $73.30 on Friday. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $74.58. The stock has a fifty day moving average price of $57.88 and a 200 day moving average price of $50.63. The stock has a market cap of $992.48 million, a price-to-earnings ratio of 24.68 and a beta of 1.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The company had revenue of $185.15 million during the quarter, compared to analysts’ expectations of $154.30 million. Analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Institutional Trading of Coastal Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCB. PDT Partners LLC acquired a new position in shares of Coastal Financial during the 3rd quarter worth about $650,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Coastal Financial by 190.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Coastal Financial by 474.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,049 shares of the company’s stock worth $1,352,000 after purchasing an additional 20,685 shares during the last quarter. FMR LLC lifted its position in shares of Coastal Financial by 21.0% during the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock worth $71,000 after purchasing an additional 228 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Coastal Financial during the 3rd quarter worth about $119,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Raymond James lifted their price objective on 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 Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th.

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.