Coastal Financial (NASDAQ:CCB) CEO Sells $551,050.00 in Stock

Key Points

• Coastal Financial CEO Eric Sprink sold 5,000 shares at an average price of $110.21, totaling $551,050, reducing his holdings by 2.21% to around 221,694 shares.
• The company's stock recently traded up 2.1% to $110.37, with analysts predicting an average earnings per share (EPS) of 4.59 for the current year.
• Recent hedge fund activity indicates strong institutional interest, with Russell Investments increasing its stake by 229.5% during the second quarter.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric M. Sprink sold 5,000 shares of Coastal Financial stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $110.21, for a total value of $551,050.00. Following the completion of the sale, the chief executive officer owned 221,694 shares in the company, valued at $24,432,895.74. This represents a 2.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Coastal Financial Trading Down 1.5%

NASDAQ:CCB traded down $1.78 on Friday, reaching $113.61. The company's stock had a trading volume of 292,316 shares, compared to its average volume of 123,484. Coastal Financial Corporation has a 12-month low of $51.31 and a 12-month high of $118.00. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 34.96 and a beta of 1.05. The stock has a 50 day moving average price of $105.28 and a 200 day moving average price of $93.58.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. The business had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. On average, equities analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors and hedge funds have recently modified their holdings of the company. Orion Porfolio Solutions LLC raised its holdings in shares of Coastal Financial by 5.6% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 63,168 shares of the company's stock valued at $6,119,000 after buying an additional 3,337 shares during the period. Nomura Holdings Inc. purchased a new stake in Coastal Financial during the 2nd quarter worth about $770,000. Tower Research Capital LLC TRC increased its holdings in Coastal Financial by 521.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company's stock worth $122,000 after purchasing an additional 1,059 shares during the period. Rafferty Asset Management LLC increased its holdings in Coastal Financial by 3.7% during the 2nd quarter. Rafferty Asset Management LLC now owns 17,102 shares of the company's stock worth $1,657,000 after purchasing an additional 616 shares during the period. Finally, Militia Capital Partners LP increased its holdings in Coastal Financial by 199.1% during the 2nd quarter. Militia Capital Partners LP now owns 32,900 shares of the company's stock worth $3,187,000 after purchasing an additional 21,900 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CCB. Keefe, Bruyette & Woods lifted their target price on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $110.25.

Coastal Financial Company Profile

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.