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 the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $117.60, for a total transaction of $352,800.00. Following the completion of the sale, the chief executive officer directly owned 182,884 shares of the company’s stock, valued at $21,507,158.40. This represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Coastal Financial Trading Down 0.2%

NASDAQ CCB traded down $0.24 on Wednesday, reaching $117.79. The stock had a trading volume of 67,454 shares, compared to its average volume of 98,383. The stock has a fifty day moving average price of $111.04 and a two-hundred day moving average price of $107.44. The company has a quick ratio of 1.05, a current ratio of 1.06 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 firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 37.28 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $133.44 million. As a group, sell-side analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently modified their holdings of CCB. Cubist Systematic Strategies LLC increased its stake in Coastal Financial by 208.1% during the first quarter. Cubist Systematic Strategies LLC now owns 6,255 shares of the company’s stock valued at $566,000 after acquiring an additional 4,225 shares during the period. AQR Capital Management LLC grew 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 purchasing an additional 473 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock valued at $672,000 after buying an additional 977 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Coastal Financial by 44.8% in the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock valued at $6,645,000 after purchasing an additional 22,725 shares in the last quarter. Finally, Great Lakes Advisors LLC bought a new stake in shares of Coastal Financial during the first quarter worth $4,513,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

CCB has been the topic of several research analyst reports. Cowen restated a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. TD Cowen raised their price target on shares of Coastal Financial from $140.00 to $155.00 and gave the company 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. UBS Group set a $155.00 price objective on Coastal Financial in a research note on Friday, December 5th. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One 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. Based on data from MarketBeat, Coastal Financial currently has a consensus rating of “Buy” and an average 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.