Insider Selling: Coastal Financial (NASDAQ:CCB) CEO Sells $352,800.00 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 3,000 shares of the stock in a transaction on 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 sale, the chief executive officer owned 182,884 shares in the company, valued at approximately $21,507,158.40. This trade represents a 1.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Coastal Financial Trading Down 1.7%

CCB stock opened at $116.94 on Friday. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 37.01 and a beta of 0.89. The company has a fifty day moving average price of $111.54 and a two-hundred day moving average price of $107.69. Coastal Financial Corporation has a one year low of $76.11 and a one year high of $120.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05.

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 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 firm had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. Equities analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CCB. Zacks Research upgraded shares of 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 note on Monday, December 29th. TD Cowen raised their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, December 5th. UBS Group set a $155.00 target price on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Cowen reiterated a “buy” rating on shares of 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $125.17.

Institutional Investors Weigh In On Coastal Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. acquired a new position in Coastal Financial in the 3rd quarter valued at approximately $256,000. Harvest Investment Services LLC bought a new stake in shares of Coastal Financial in the third quarter worth $1,530,000. Verition Fund Management LLC increased its holdings in Coastal Financial by 170.4% in the third quarter. Verition Fund Management LLC now owns 7,144 shares of the company’s stock valued at $773,000 after purchasing an additional 4,502 shares during the period. Nomura Holdings Inc. increased its holdings in Coastal Financial by 54.7% in the third quarter. Nomura Holdings Inc. now owns 12,297 shares of the company’s stock valued at $1,330,000 after purchasing an additional 4,350 shares during the period. Finally, Focus Partners Wealth bought a new position in Coastal Financial during the 3rd quarter worth $2,763,000. 59.24% of the stock is owned by institutional investors.

About Coastal Financial

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.