Eric Sprink Sells 4,356 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 4,356 shares of Coastal Financial stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $114.51, for a total value of $498,805.56. Following the completion of the sale, the chief executive officer directly owned 174,528 shares in the company, valued at $19,985,201.28. This represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Coastal Financial Trading Down 0.6%

Shares of CCB stock opened at $113.04 on Friday. Coastal Financial Corporation has a fifty-two week low of $76.11 and a fifty-two week high of $120.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock’s fifty day moving average is $112.20 and its two-hundred day moving average is $108.30. The firm has a market capitalization of $1.71 billion, a P/E ratio of 35.77 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last released its earnings results 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). The business had revenue of $52.89 million for the quarter, compared to analysts’ expectations of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. Research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. D.A. Davidson & CO. purchased a new position in Coastal Financial during the 3rd quarter valued at about $13,580,000. Peregrine Capital Management LLC increased its stake in Coastal Financial by 25.0% during the second quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company’s stock worth $13,629,000 after purchasing an additional 28,099 shares during the period. Azora Capital LP increased its stake in Coastal Financial by 26.4% during the second 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 during the period. SG Americas Securities LLC lifted its position in shares of Coastal Financial by 69.1% during the second quarter. SG Americas Securities LLC now owns 10,741 shares of the company’s stock worth $1,040,000 after purchasing an additional 4,391 shares in the last quarter. Finally, Advisors Capital Management LLC boosted its stake in shares of Coastal Financial by 1.3% in the second quarter. Advisors Capital Management LLC now owns 141,658 shares of the company’s stock valued at $13,722,000 after purchasing an additional 1,763 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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