Eric Sprink Sells 8,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $116.35, for a total transaction of $930,800.00. Following the sale, the chief executive officer directly owned 185,884 shares of the company’s stock, valued at approximately $21,627,603.40. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Coastal Financial Stock Up 1.0%

Shares of NASDAQ CCB opened at $118.97 on Friday. 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 Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. The firm has a market cap of $1.80 billion, a PE ratio of 37.65 and a beta of 0.89. The company’s fifty day simple moving average is $111.33 and its 200 day simple moving average is $107.52.

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

Wall Street Analysts Forecast Growth

CCB has been the subject of several research reports. UBS Group set a $155.00 price objective on shares of Coastal Financial in a report on Friday, December 5th. Cowen reissued a “buy” rating on shares of Coastal Financial 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. Finally, TD Cowen increased their target price on Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $125.17.

Institutional Investors Weigh In On Coastal Financial

Several institutional investors have recently bought and sold shares of CCB. American Century Companies Inc. raised its stake in Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock valued at $46,685,000 after purchasing an additional 275,500 shares during the period. Azora Capital LP increased its position in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after purchasing an additional 156,956 shares in the last quarter. Ranger Investment Management L.P. bought a new stake in Coastal Financial during the 3rd quarter worth about $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Coastal Financial by 364.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing 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 about $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.