Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 8,000 Shares

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 8,000 shares of Coastal Financial stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $116.35, for a total value of $930,800.00. Following the completion of the sale, the chief executive officer owned 185,884 shares of the company’s stock, valued at approximately $21,627,603.40. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Coastal Financial Trading Down 0.2%

Shares of NASDAQ CCB traded down $0.24 during mid-day trading on Wednesday, hitting $117.79. The company’s stock had a trading volume of 67,454 shares, compared to its average volume of 98,383. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 37.28 and a beta of 0.89. 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 Corporation has a one year low of $76.11 and a one year high of $120.05. The company’s fifty day simple moving average is $111.04 and its 200-day simple moving average is $107.44.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The business had revenue of $52.89 million for the quarter, compared to the consensus estimate of $133.44 million. On average, sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CCB shares. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. TD Cowen raised their target price on Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Cowen reiterated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Finally, Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One investment 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $125.17.

Institutional Trading of Coastal Financial

A number of large investors have recently bought and sold shares of CCB. Cubist Systematic Strategies LLC lifted its stake in Coastal Financial by 208.1% in the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company’s stock valued at $566,000 after buying an additional 4,225 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Coastal Financial by 3.7% during the first quarter. AQR Capital Management LLC now owns 13,102 shares of the company’s stock worth $1,185,000 after acquiring an additional 473 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after acquiring an additional 977 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Coastal Financial by 44.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after acquiring an additional 22,725 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in Coastal Financial in the 1st quarter worth $4,513,000. 59.24% of the stock is owned by 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.