Coastal Financial (NASDAQ:CCB) CEO Sells $960,096.54 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,402 shares of Coastal Financial stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $114.27, for a total value of $960,096.54. Following the completion of the transaction, the chief executive officer owned 163,126 shares of the company’s stock, valued at approximately $18,640,408.02. This trade represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Coastal Financial Stock Down 2.2%

Shares of CCB traded down $2.60 during midday trading on Friday, hitting $113.17. The company had a trading volume of 38,313 shares, compared to its average volume of 109,903. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The firm has a market capitalization of $1.71 billion, a P/E ratio of 35.81 and a beta of 0.89. 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 company’s 50-day simple moving average is $112.64 and its 200-day simple moving average is $108.55.

Coastal Financial (NASDAQ:CCB) last issued its earnings results 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 firm had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. As a group, sell-side analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CCB. State of Alaska Department of Revenue acquired a new position in Coastal Financial during the third quarter worth $64,000. Russell Investments Group Ltd. boosted its position in shares of Coastal Financial by 229.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock worth $80,000 after purchasing an additional 576 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Coastal Financial by 634.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 896 shares of the company’s stock worth $97,000 after purchasing an additional 774 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Coastal Financial during the 3rd quarter worth $102,000. Finally, First Horizon Corp purchased a new position in shares of Coastal Financial in the 3rd quarter valued at about $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.