Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells $364,140.00 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $52.02, for a total transaction of $364,140.00. Following the transaction, the chief executive officer now owns 302,689 shares of the company’s stock, valued at approximately $15,745,881.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $51.67 on Friday. The firm has a market capitalization of $693.36 million, a P/E ratio of 18.07 and a beta of 1.24. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $54.00. The company has a fifty day moving average of $50.73 and a 200-day moving average of $44.77. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. The firm 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%. As a group, sell-side analysts anticipate that Coastal Financial Co. will post 3.52 EPS for the current year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Diversify Advisory Services LLC bought a new position in shares of Coastal Financial during the first quarter valued at about $714,000. Norden Group LLC bought a new position in shares of Coastal Financial during the 1st quarter worth approximately $1,488,000. Vanguard Group Inc. boosted its stake 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 buying an additional 5,592 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Coastal Financial by 18.0% in the first quarter. BNP Paribas Financial Markets now owns 11,572 shares of the company’s stock valued at $450,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Coastal Financial by 22,360.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares during the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

About Coastal Financial

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.