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 company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $70.95, for a total transaction of $141,900.00. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website.

Coastal Financial Stock Up 0.2 %

Shares of NASDAQ:CCB traded up $0.12 during trading on Tuesday, hitting $72.51. 80,519 shares of the company’s stock traded hands, compared to its average volume of 60,513. The company has a 50-day moving average price of $56.59 and a 200-day moving average price of $50.08. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $74.25. The company has a market cap of $975.98 million, a price-to-earnings ratio of 24.37 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 0.15.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 14.16% and a net margin of 5.98%. The firm had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. As a group, research analysts forecast that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Institutional Trading of Coastal Financial

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company’s stock valued at $4,967,000 after purchasing an additional 60,106 shares during the last quarter. Quest Partners LLC bought a new stake in Coastal Financial during the third quarter valued at about $214,000. Stieven Capital Advisors L.P. raised its holdings in Coastal Financial by 35.7% during the third quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company’s stock valued at $4,001,000 after acquiring an additional 19,500 shares during the period. Empowered Funds LLC increased its holdings in shares of Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after purchasing an additional 536 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Coastal Financial in the third quarter worth about $296,000. 59.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CCB. Hovde Group upped their price target 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. Keefe, Bruyette & Woods lifted their price target 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. Finally, Raymond James boosted 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 note 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.