Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 8,000 Shares of Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $116.35, for a total transaction of $930,800.00. Following the completion of the sale, the chief executive officer owned 185,884 shares in the company, valued at $21,627,603.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Coastal Financial Trading Down 0.2%

NASDAQ:CCB opened at $117.79 on Thursday. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 37.28 and a beta of 0.89. Coastal Financial Corporation has a 52 week low of $76.11 and a 52 week high of $120.05. 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 50 day moving average of $111.04 and a 200 day moving average of $107.44.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. As a group, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CCB has been the subject of several recent analyst reports. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. TD Cowen raised their price target on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Finally, Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $125.17.

Institutional Investors Weigh In On Coastal Financial

A number of institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue purchased a new position in Coastal Financial during the third quarter worth approximately $64,000. Russell Investments Group Ltd. raised its position in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Farther Finance Advisors LLC lifted its holdings in Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after purchasing an additional 774 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Coastal Financial in the third quarter valued at about $102,000. Finally, First Horizon Corp purchased a new stake in shares of Coastal Financial during the third quarter worth about $122,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.