Eric Sprink Sells 3,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 3,000 shares of Coastal Financial stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $114.15, for a total value of $342,450.00. Following the completion of the sale, the chief executive officer directly owned 171,528 shares in the company, valued at approximately $19,579,921.20. The trade was a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $0.65 during midday trading on Friday, reaching $113.04. 69,976 shares of the stock traded hands, compared to its average volume of 92,472. The company’s 50 day moving average is $112.20 and its 200 day moving average is $108.24. Coastal Financial Corporation has a one year low of $76.11 and a one year high of $120.05. 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 stock has a market capitalization of $1.71 billion, a PE ratio of 35.77 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last announced its quarterly 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). The business had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. On average, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Institutional Investors Weigh In On Coastal Financial

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Coastal Financial by 0.5% during the third quarter. Vanguard Group Inc. now owns 766,037 shares of the company’s stock valued at $82,862,000 after buying an additional 3,801 shares during the period. Azora Capital LP lifted its stake in Coastal Financial by 26.4% in the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after acquiring an additional 156,956 shares during the period. American Century Companies Inc. grew its holdings in Coastal Financial by 5.9% during the 3rd quarter. American Century Companies Inc. now owns 510,549 shares of the company’s stock worth $55,226,000 after acquiring an additional 28,616 shares in the last quarter. Wellington Management Group LLP grew its holdings in Coastal Financial by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 486,197 shares of the company’s stock worth $52,592,000 after acquiring an additional 39,984 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Coastal Financial by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 304,365 shares of the company’s stock valued at $29,488,000 after purchasing an additional 6,730 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. TD Cowen raised their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating 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 report on Monday, September 29th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target 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.