Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 8,778 Shares

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,778 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the completion of the sale, the chief executive officer owned 193,884 shares in the company, valued at approximately $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $115.11 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 36.43 and a beta of 0.89. The stock’s 50-day moving average is $110.53 and its two-hundred day moving average is $107.14. Coastal Financial Corporation has a 1-year low of $76.11 and a 1-year high of $120.05.

Coastal Financial (NASDAQ:CCB) last announced its quarterly earnings data 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). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The company had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CCB. UBS Group set a $155.00 price objective on shares of Coastal Financial in a report on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Cowen reiterated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Finally, TD Cowen boosted their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. One investment 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 stock. According to MarketBeat, Coastal Financial presently has a consensus rating of “Buy” and an average target price of $125.17.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after buying an additional 149 shares during the last quarter. SummerHaven Investment Management LLC grew its position in shares of Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock worth $1,676,000 after acquiring an additional 165 shares during the last quarter. Emerald Advisers LLC increased its holdings in shares of Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock valued at $719,000 after acquiring an additional 179 shares during the period. Swiss National Bank raised its position in Coastal Financial by 0.8% in the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company’s stock valued at $2,830,000 after purchasing an additional 200 shares during the last quarter. Finally, EJF Capital LLC boosted its stake in Coastal Financial by 2.5% during the 2nd quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock worth $1,312,000 after purchasing an additional 329 shares during the period. Hedge funds and other institutional investors 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.