Coastal Financial (NASDAQ:CCB) CEO Sells $960,096.54 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,402 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total value of $960,096.54. Following the sale, the chief executive officer directly owned 163,126 shares in the company, valued at approximately $18,640,408.02. This represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Coastal Financial Stock Performance

NASDAQ:CCB opened at $111.34 on Monday. The stock has a 50-day moving average price of $112.77 and a 200 day moving average price of $108.69. The stock has a market capitalization of $1.68 billion, a P/E ratio of 35.23 and a beta of 0.89. Coastal Financial Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. 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 (NASDAQ:CCB) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Equities research analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Institutional Trading of Coastal Financial

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Coastal Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock worth $82,862,000 after acquiring an additional 3,801 shares in the last quarter. Azora Capital LP lifted 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 purchasing an additional 156,956 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Coastal Financial by 5.9% in the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock worth $55,226,000 after purchasing an additional 28,616 shares during the period. Wellington Management Group LLP increased its position in shares of Coastal Financial by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after purchasing an additional 39,984 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Coastal Financial by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after purchasing an additional 6,730 shares during the last quarter. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on CCB shares. TD Cowen reiterated 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. UBS Group set a $155.00 target price on Coastal Financial in a report on Friday, December 5th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $125.17.

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.