Insider Selling: Coastal Financial (NASDAQ:CCB) CEO Sells $1,009,031.10 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,778 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the transaction, the chief executive officer owned 193,884 shares in the company, valued at $22,286,965.80. This represents a 4.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $117.79 on Thursday. The firm has a market capitalization of $1.78 billion, a PE ratio of 37.28 and a beta of 0.89. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 1-year low of $76.11 and a 1-year high of $120.05. The business’s 50 day moving average is $111.04 and its 200-day moving average is $107.44.

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

Analyst Upgrades and Downgrades

CCB has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. TD Cowen increased 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 upgraded Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. UBS Group set a $155.00 price target on Coastal Financial in a research 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 assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $125.17.

Institutional Trading of Coastal Financial

Several large investors have recently made changes to their positions in the business. D.A. Davidson & CO. bought a new position in Coastal Financial in the 3rd quarter valued at $13,580,000. Peregrine Capital Management LLC raised its position in shares of Coastal Financial by 25.0% during the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock worth $13,629,000 after acquiring an additional 28,099 shares during the last quarter. Azora Capital LP lifted its stake in shares of Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after acquiring an additional 156,956 shares during the period. SG Americas Securities LLC boosted its holdings in Coastal Financial by 69.1% in the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock valued at $1,040,000 after acquiring an additional 4,391 shares during the last quarter. Finally, Advisors Capital Management LLC boosted its holdings in Coastal Financial by 1.3% in the second quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock valued at $13,722,000 after acquiring an additional 1,763 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

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.