Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 3,000 Shares

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 3,000 shares of the stock in a transaction on Friday, January 16th. The shares were sold at an average price of $114.15, for a total value of $342,450.00. Following the completion of the transaction, the chief executive officer owned 171,528 shares of the company’s stock, valued at $19,579,921.20. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Coastal Financial Price Performance

Shares of CCB opened at $113.04 on Friday. 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 stock has a market cap of $1.71 billion, a PE ratio of 35.77 and a beta of 0.89. Coastal Financial Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. The business has a 50-day simple moving average of $112.20 and a two-hundred day simple moving average of $108.24.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The firm had revenue of $52.89 million for the quarter, compared to the consensus estimate of $133.44 million. Analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. grew its stake in Coastal Financial by 133.5% during the second quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after purchasing an additional 275,500 shares during the period. Azora Capital LP boosted its holdings in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after buying an additional 156,956 shares in the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial during the 3rd quarter worth approximately $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Coastal Financial by 364.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after buying an additional 132,403 shares during the period. Finally, D.A. Davidson & CO. bought a new stake in shares of Coastal Financial in the 3rd quarter valued at $13,580,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group set a $155.00 price objective on shares of Coastal Financial in a research note on Friday, December 5th. TD Cowen lifted their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report 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 restated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, Cowen reiterated 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 assigned a Hold rating to the company. According to data from MarketBeat, Coastal Financial presently has a consensus rating of “Buy” and a consensus target price of $125.17.

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.