Coastal Financial (NASDAQ:CCB) CEO Sells $342,450.00 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 171,528 shares of the company’s stock, valued at $19,579,921.20. The trade was a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Coastal Financial Trading Down 0.6%

NASDAQ:CCB traded down $0.65 during trading hours on Friday, hitting $113.04. The company had a trading volume of 69,976 shares, compared to its average volume of 92,472. The stock has a 50-day moving average price of $112.20 and a 200 day moving average price of $108.24. The company has a market capitalization of $1.71 billion, a PE ratio of 35.77 and a beta of 0.89. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial Corporation has a 52 week low of $76.11 and a 52 week high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced 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). The company had revenue of $52.89 million for the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. On average, equities research analysts predict that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Ratings Changes

CCB has been the subject of several recent analyst reports. TD Cowen lifted their target price 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One equities research 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 MarketBeat.com, Coastal Financial currently has an average rating of “Buy” and a consensus price target of $125.17.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock valued at $1,185,000 after purchasing an additional 473 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after purchasing an additional 977 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Coastal Financial by 44.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after purchasing an additional 22,725 shares during the period. Empowered Funds LLC lifted its stake in shares of Coastal Financial by 7.3% during the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock valued at $1,125,000 after buying an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Coastal Financial by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after buying an additional 1,048 shares in the last quarter. 59.24% of the stock is 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.