Eric Sprink Sells 8,402 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,402 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total transaction of $960,096.54. Following the completion of the sale, the chief executive officer owned 163,126 shares of the company’s stock, valued at approximately $18,640,408.02. This represents a 4.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Coastal Financial Stock Down 3.8%

NASDAQ:CCB opened at $111.34 on Friday. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The stock has a 50-day moving average price of $112.77 and a two-hundred day moving average price of $108.65. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 35.23 and a beta of 0.89. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

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). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The business had revenue of $52.89 million for the quarter, compared to the consensus estimate of $133.44 million. As a group, equities analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on CCB. Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. UBS Group set a $155.00 price target on Coastal Financial in a research note on Friday, December 5th. Finally, TD Cowen restated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $125.17.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new position in shares of Coastal Financial during the 3rd quarter worth about $64,000. Russell Investments Group Ltd. raised its holdings in Coastal Financial by 229.5% during the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after acquiring an additional 576 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Coastal Financial by 634.4% during the third quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock valued at $97,000 after purchasing an additional 774 shares during the last quarter. USA Financial Formulas acquired a new position in Coastal Financial during the third quarter valued at approximately $102,000. Finally, First Horizon Corp bought a new position in Coastal Financial in the third quarter valued at approximately $122,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

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.