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

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 3,000 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $117.60, for a total value of $352,800.00. Following the completion of the transaction, the chief executive officer directly owned 182,884 shares of the company’s stock, valued at approximately $21,507,158.40. This trade represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Coastal Financial Stock Up 1.0%

Coastal Financial stock opened at $118.97 on Friday. The business’s 50-day moving average price is $111.33 and its 200 day moving average price is $107.52. 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 firm has a market cap of $1.80 billion, a price-to-earnings ratio of 37.65 and a beta of 0.89. Coastal Financial Corporation has a 52 week low of $76.11 and a 52 week high of $120.05.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CCB shares. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. TD Cowen boosted their price objective on Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Finally, UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $125.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. increased its position 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 last quarter. Azora Capital LP grew its stake in shares of Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after buying an additional 156,956 shares during the period. Ranger Investment Management L.P. acquired a new stake 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 raised 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 valued at $18,255,000 after buying an additional 132,403 shares during the period. Finally, D.A. Davidson & CO. acquired a new position in Coastal Financial in the third quarter valued at approximately $13,580,000. Institutional investors and hedge funds 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.