Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink Sells 11,407 Shares of Stock

Coastal Financial Co. (NASDAQ:CCBGet Rating) CEO Eric M. Sprink sold 11,407 shares of the business’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $48.77, for a total value of $556,319.39. Following the completion of the transaction, the chief executive officer now owns 335,788 shares of the company’s stock, valued at approximately $16,376,380.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded down $0.07 during trading hours on Thursday, reaching $48.93. 46,483 shares of the stock traded hands, compared to its average volume of 50,808. The company has a 50 day moving average price of $43.50 and a 200 day moving average price of $40.77. Coastal Financial Co. has a one year low of $35.61 and a one year high of $54.41. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $634.13 million, a price-to-earnings ratio of 18.75 and a beta of 1.15.

Coastal Financial (NASDAQ:CCBGet Rating) last announced its earnings results on Thursday, October 27th. The company reported $0.82 EPS for the quarter. The business had revenue of $83.58 million during the quarter. Coastal Financial had a net margin of 13.99% and a return on equity of 16.27%. On average, equities research analysts expect that Coastal Financial Co. will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the subject of a number of recent analyst reports. Stephens boosted their target price on Coastal Financial to $54.00 in a research report on Friday, November 4th. Hovde Group boosted their price objective on shares of Coastal Financial to $66.00 in a report on Tuesday, November 1st. Finally, Raymond James initiated coverage on shares of Coastal Financial in a report on Friday, October 28th. They issued a “strong-buy” rating on the stock.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. raised its stake in Coastal Financial by 6.0% during the 3rd quarter. Alliancebernstein L.P. now owns 213,059 shares of the company’s stock valued at $8,467,000 after purchasing an additional 12,081 shares during the period. State Street Corp raised its position in shares of Coastal Financial by 0.3% during the third quarter. State Street Corp now owns 174,868 shares of the company’s stock valued at $6,949,000 after buying an additional 451 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Coastal Financial in the third quarter worth $526,000. Algert Global LLC bought a new position in shares of Coastal Financial during the third quarter worth $237,000. Finally, Two Sigma Advisers LP grew its stake in Coastal Financial by 27.4% during the third quarter. Two Sigma Advisers LP now owns 51,833 shares of the company’s stock valued at $2,060,000 after acquiring an additional 11,133 shares in the last quarter. 61.07% of the stock is currently owned by hedge funds and other institutional investors.

About Coastal Financial

(Get Rating)

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small to 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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