Insider Selling: Coastal Financial Co. (NASDAQ:CCB) CEO Sells $366,049.26 in Stock

Coastal Financial Co. (NASDAQ:CCB) CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Coastal Financial Trading Up 5.0 %

Shares of NASDAQ:CCB opened at $53.52 on Friday. The firm has a market cap of $718.18 million, a price-to-earnings ratio of 18.71 and a beta of 1.24. Coastal Financial Co. has a 12 month low of $35.67 and a 12 month high of $54.00. The company’s fifty day simple moving average is $50.54 and its 200 day simple moving average is $44.60. 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 released its quarterly earnings results on Monday, July 29th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. The firm had revenue of $167.41 million for the quarter, compared to the consensus estimate of $168.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. As a group, research analysts forecast that Coastal Financial Co. will post 3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Coastal Financial

A number of large investors have recently bought and sold shares of CCB. Norden Group LLC acquired a new position in shares of Coastal Financial during the 1st quarter worth about $1,488,000. American Century Companies Inc. boosted its position in Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock valued at $6,515,000 after purchasing an additional 26,690 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Coastal Financial by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 359,861 shares of the company’s stock valued at $16,603,000 after purchasing an additional 20,517 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Coastal Financial during the 1st quarter worth approximately $714,000. Finally, Rosenthal Henry Capital Advisors Inc. bought a new stake in shares of Coastal Financial during the 2nd quarter worth approximately $443,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

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.