Eric Sprink Buys 10,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink acquired 10,000 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was acquired at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the transaction, the chief executive officer owned 173,238 shares of the company’s stock, valued at approximately $7,700,429.10. The trade was a 6.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded up $1.41 during trading hours on Friday, hitting $45.34. 274,009 shares of the company’s stock traded hands, compared to its average volume of 367,255. Coastal Financial Corporation has a 12-month low of $36.61 and a 12-month high of $120.05. The stock has a market capitalization of $691.43 million, a price-to-earnings ratio of -161.92 and a beta of 0.76. The company has a fifty day simple moving average of $70.26 and a 200-day simple moving average of $77.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($2.76) earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The company had revenue of $178.07 million during the quarter, compared to analysts’ expectations of $148.50 million. Coastal Financial had a negative return on equity of 0.79% and a negative net margin of 0.53%. Equities research analysts anticipate that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently added to or reduced their stakes in CCB. EverSource Wealth Advisors LLC boosted its position in Coastal Financial by 129.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock worth $34,000 after purchasing an additional 169 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Coastal Financial in the 4th quarter worth approximately $50,000. Smartleaf Asset Management LLC boosted its holdings in Coastal Financial by 20,700.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after buying an additional 621 shares during the period. Russell Investments Group Ltd. grew its stake in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Coastal Financial by 521.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after buying an additional 1,059 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCB has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and issued a $110.00 target price on shares of Coastal Financial in a research note on Friday, May 1st. Keefe, Bruyette & Woods decreased their price target on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coastal Financial in a report on Monday, June 29th. TD Cowen dropped their price objective on Coastal Financial from $110.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Raymond James Financial lowered Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective for the company. in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.33.

About Coastal Financial

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.