Eric Sprink Sells 8,349 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,349 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $113.73, for a total value of $949,531.77. Following the completion of the transaction, the chief executive officer directly owned 202,662 shares in the company, valued at $23,048,749.26. This represents a 3.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Coastal Financial Trading Up 1.6%

Shares of NASDAQ CCB traded up $1.81 during mid-day trading on Monday, hitting $115.11. 127,825 shares of the company traded hands, compared to its average volume of 92,884. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The business has a 50 day moving average of $110.53 and a two-hundred day moving average of $107.14. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 36.43 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group set a $155.00 price target on Coastal Financial in a research note on Friday, December 5th. Cowen reiterated 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 report on Monday, September 29th. TD Cowen boosted their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $125.17.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue bought a new stake in shares of Coastal Financial during the 3rd quarter valued at $64,000. Russell Investments Group Ltd. grew its stake in shares of 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 purchasing an additional 576 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after purchasing an additional 774 shares during the period. USA Financial Formulas acquired a new position in Coastal Financial in the third quarter valued at about $102,000. Finally, First Horizon Corp acquired a new position in Coastal Financial in the third quarter valued at about $122,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.