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 shares were sold at an average price of $114.51, for a total transaction of $498,805.56. Following the completion of the transaction, the chief executive officer owned 174,528 shares of the company’s stock, valued at $19,985,201.28. This trade represents a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Coastal Financial Stock Down 0.6%

CCB stock traded down $0.65 during midday trading on Friday, hitting $113.04. The company’s stock had a trading volume of 69,976 shares, compared to its average volume of 92,472. The firm has a 50-day simple moving average of $112.20 and a 200-day simple moving average of $108.24. The firm has a market capitalization of $1.71 billion, a P/E ratio of 35.77 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05.

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 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 company had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. As a group, equities analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current year.

Institutional Investors Weigh In On Coastal Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cox Capital Mgt LLC boosted its stake in Coastal Financial by 1.4% in the fourth quarter. Cox Capital Mgt LLC now owns 47,775 shares of the company’s stock valued at $5,274,000 after acquiring an additional 656 shares in the last quarter. Coldstream Capital Management Inc. acquired a new stake in shares of Coastal Financial during the third quarter worth about $256,000. Harvest Investment Services LLC purchased a new stake in shares of Coastal Financial in the 3rd quarter valued at about $1,530,000. Verition Fund Management LLC boosted its position in shares of Coastal Financial by 170.4% in the 3rd 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. Finally, Nomura Holdings Inc. grew its stake in Coastal Financial by 54.7% during the 3rd quarter. Nomura Holdings Inc. now owns 12,297 shares of the company’s stock worth $1,330,000 after buying an additional 4,350 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CCB has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. TD Cowen increased their price objective 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. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. UBS Group set a $155.00 target price on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Cowen restated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Coastal Financial currently has an average 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.