Eric Sprink Sells 4,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 4,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total transaction of $464,040.00. Following the transaction, the chief executive officer owned 159,126 shares in the company, valued at $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Coastal Financial Price Performance

Shares of NASDAQ:CCB opened at $111.34 on Friday. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 35.23 and a beta of 0.89. 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 business’s 50 day simple moving average is $112.77 and its 200-day simple moving average is $108.65. Coastal Financial Corporation has a 12 month low of $76.11 and a 12 month high of $120.05.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The firm 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%. As a group, equities analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds have recently modified their holdings of CCB. State of Alaska Department of Revenue purchased a new stake in shares of Coastal Financial during the third quarter worth about $64,000. Russell Investments Group Ltd. grew its stake in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares during the period. Farther Finance Advisors LLC raised its holdings in Coastal Financial by 634.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after acquiring an additional 774 shares during the last quarter. USA Financial Formulas acquired a new position in Coastal Financial in the 3rd quarter valued at $102,000. Finally, First Horizon Corp purchased a new position in shares of Coastal Financial during the 3rd quarter worth $122,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Finally, UBS Group set a $155.00 price objective 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, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Coastal Financial presently has a consensus rating of “Buy” and an average target price of $125.17.

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.