Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 4,000 Shares

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 4,000 shares of the firm’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $118.88, for a total transaction of $475,520.00. Following the completion of the transaction, the chief executive officer directly owned 178,884 shares in the company, valued at approximately $21,265,729.92. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.02 during trading hours on Tuesday, hitting $110.39. 131,975 shares of the stock were exchanged, compared to its average volume of 99,872. Coastal Financial Corporation has a 1-year low of $76.11 and a 1-year high of $120.05. The company has a market cap of $1.67 billion, a PE ratio of 34.93 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The company’s fifty day simple moving average is $111.72 and its two-hundred day simple moving average is $108.06.

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 the consensus estimate of $0.89 by ($0.01). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The business had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. On average, sell-side analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock worth $644,000 after purchasing an additional 149 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Coastal Financial by 1.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock worth $1,676,000 after buying an additional 165 shares during the last quarter. Emerald Advisers LLC boosted its stake in shares of Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after buying an additional 179 shares during the last quarter. Swiss National Bank grew its holdings in shares of Coastal Financial by 0.8% in the third quarter. Swiss National Bank now owns 26,165 shares of the company’s stock valued at $2,830,000 after acquiring an additional 200 shares in the last quarter. Finally, EJF Capital LLC increased its position in shares of Coastal Financial by 2.5% during the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after acquiring an additional 329 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Company Profile

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.