Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells 3,000 Shares of Stock

by · The Cerbat Gem

Coastal Financial Co. (NASDAQ:CCB – Get Free Report) CEO Eric M. Sprink sold 3,000 shares of Coastal Financial stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $55.00, for a total transaction of $165,000.00. Following the sale, the chief executive officer now owns 294,285 shares of the company’s stock, valued at $16,185,675. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Coastal Financial Stock Up 4.5 %

CCB stock traded up $2.42 during trading on Friday, hitting $56.67. 90,315 shares of the company’s stock traded hands, compared to its average volume of 57,327. The firm has a market capitalization of $762.78 million, a P/E ratio of 20.61 and a beta of 1.24. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $57.01. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $50.94 and a two-hundred day simple moving average of $46.25.

Coastal Financial (NASDAQ:CCB – Get Free Report) last released its quarterly earnings results on Monday, July 29th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The firm had revenue of $167.41 million during the quarter, compared to analyst estimates of $168.30 million. Sell-side analysts anticipate that Coastal Financial Co. will post 3.56 EPS for the current year.

Institutional Trading of Coastal Financial

Hedge funds have recently modified their holdings of the company. Diversify Advisory Services LLC bought a new position in shares of Coastal Financial during the 1st quarter worth approximately $714,000. Envestnet Asset Management Inc. increased its position in shares of Coastal Financial by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after purchasing an additional 1,956 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Coastal Financial during the 1st quarter valued at $1,488,000. Vanguard Group Inc. boosted its position in shares of Coastal Financial by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock worth $23,268,000 after purchasing an additional 5,592 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Coastal Financial by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after buying an additional 26,690 shares during the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on CCB. Hovde Group boosted their price target on Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods upgraded Coastal Financial to a “moderate buy” rating in a research note on Tuesday, July 30th.

Check Out Our Latest Stock Report on Coastal Financial

Coastal Financial Company Profile

(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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