Coastal Financial (NASDAQ:CCB) CEO Sells $930,800.00 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $116.35, for a total value of $930,800.00. Following the completion of the transaction, the chief executive officer owned 185,884 shares of the company’s stock, valued at approximately $21,627,603.40. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $116.94 on Friday. Coastal Financial Corporation has a twelve month low of $76.11 and a twelve 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. The company has a market cap of $1.77 billion, a PE ratio of 37.01 and a beta of 0.89. The company’s 50 day moving average is $111.54 and its 200 day moving average is $107.69.

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 business had revenue of $52.89 million during the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. On average, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Finally, TD Cowen boosted their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the company 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 issued a Hold rating to the stock. According to MarketBeat, Coastal Financial has an average rating of “Buy” and an average price target of $125.17.

Institutional Trading of Coastal Financial

Several institutional investors have recently modified their holdings of CCB. Vanguard Group Inc. raised its position in shares of Coastal Financial by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock worth $82,862,000 after purchasing an additional 3,801 shares during the last quarter. Azora Capital LP increased its stake in 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 buying an additional 156,956 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Coastal Financial by 5.9% during the third quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock valued at $55,226,000 after acquiring an additional 28,616 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Coastal Financial by 9.0% in the third quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock valued at $52,592,000 after acquiring an additional 39,984 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Coastal Financial by 2.3% in the second quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after acquiring an additional 6,730 shares in the last quarter. 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.