Eric Sprink Sells 8,778 Shares of Coastal Financial (NASDAQ:CCB) Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,778 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $114.95, for a total value of $1,009,031.10. Following the transaction, the chief executive officer directly owned 193,884 shares in the company, valued at $22,286,965.80. This trade represents a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Coastal Financial Stock Performance

CCB stock traded up $1.81 on Monday, hitting $115.11. The company had a trading volume of 127,825 shares, compared to its average volume of 92,884. 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 Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. The stock’s 50-day simple moving average is $110.53 and its 200 day simple moving average is $107.14. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 36.43 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). The business had revenue of $52.89 million for 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 research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

Large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of Coastal Financial by 133.5% during the 2nd quarter. American Century Companies Inc. now owns 481,933 shares of the company’s stock worth $46,685,000 after buying an additional 275,500 shares during the last quarter. Azora Capital LP lifted its stake in Coastal Financial by 26.4% during the second quarter. Azora Capital LP now owns 751,098 shares of the company’s stock worth $72,759,000 after purchasing an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. bought a new position in shares of Coastal Financial in the 3rd quarter valued at $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Coastal Financial by 364.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after purchasing an additional 132,403 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in Coastal Financial during the 3rd quarter worth approximately $13,580,000. Institutional investors own 59.24% of the company’s stock.

Analyst Upgrades and Downgrades

CCB has been the subject of several research analyst reports. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. TD Cowen upped their price objective on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research note 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Finally, Cowen reiterated a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Coastal Financial currently has an average rating of “Buy” and a consensus 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.