Coastal Financial (NASDAQ:CCB) CEO Sells $949,531.77 in Stock

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,349 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $113.73, for a total transaction of $949,531.77. Following the sale, the chief executive officer owned 202,662 shares in the company, valued at $23,048,749.26. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Coastal Financial Stock Up 1.6%

Shares of CCB traded up $1.81 during midday trading on Monday, reaching $115.11. The stock had a trading volume of 127,825 shares, compared to its average volume of 92,884. The company’s fifty day simple moving average is $110.53 and its two-hundred day simple moving average is $107.14. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 36.43 and a beta of 0.89. Coastal Financial Corporation has a 1-year low of $76.11 and a 1-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.

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 company had revenue of $52.89 million during 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%. Equities research analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CCB shares. TD Cowen upped their price objective on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, December 5th. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Cowen reissued a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. Finally, Zacks Research raised shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $125.17.

Institutional Trading of Coastal Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in shares of Coastal Financial by 2.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company’s stock valued at $644,000 after purchasing an additional 149 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Coastal Financial by 1.0% during the second quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company’s stock worth $1,676,000 after buying an additional 165 shares during the period. Emerald Advisers LLC boosted its position in Coastal Financial by 2.5% during the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company’s stock worth $719,000 after acquiring an additional 179 shares during the period. Swiss National Bank lifted its holdings in Coastal Financial by 0.8% in the third quarter. Swiss National Bank now owns 26,165 shares of the company’s stock worth $2,830,000 after purchasing an additional 200 shares during the period. Finally, EJF Capital LLC boosted its holdings in shares of Coastal Financial by 2.5% in the second quarter. EJF Capital LLC now owns 13,547 shares of the company’s stock valued at $1,312,000 after acquiring an additional 329 shares in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

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.