Eric M. Sprink Sells 5,000 Shares of Coastal Financial Co. (NASDAQ:CCB) Stock

by · The Cerbat Gem

Coastal Financial Co. (NASDAQ:CCB – Get Free Report) CEO Eric M. Sprink sold 5,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $52.01, for a total transaction of $260,050.00. Following the transaction, the chief executive officer now directly owns 305,285 shares of the company’s stock, valued at approximately $15,877,872.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Stock Up 1.0 %

CCB stock opened at $53.71 on Wednesday. The firm has a market cap of $720.67 million, a price-to-earnings ratio of 18.78 and a beta of 1.24. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $54.73. The firm has a fifty day moving average price of $50.86 and a two-hundred day moving average price of $46.14. 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 – Get Free Report) last announced its quarterly earnings data on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $167.41 million during the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%. Research analysts predict that Coastal Financial Co. will post 3.52 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Coastal Financial in the third quarter valued at approximately $324,000. Truist Financial Corp grew its holdings in Coastal Financial by 19.5% in the 2nd quarter. Truist Financial Corp now owns 19,423 shares of the company’s stock worth $896,000 after buying an additional 3,171 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Coastal Financial in the 2nd quarter valued at approximately $332,000. AQR Capital Management LLC raised its stake in Coastal Financial by 19.6% during the 2nd quarter. AQR Capital Management LLC now owns 11,684 shares of the company’s stock valued at $539,000 after acquiring an additional 1,912 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Coastal Financial by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock worth $16,603,000 after acquiring an additional 20,517 shares during the period. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CCB shares. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th. Hovde Group increased their target price on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th.

Read Our Latest Stock Report on Coastal Financial

About Coastal Financial

(Get Free Report)

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.

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