Eric Sprink Sells 4,356 Shares of Coastal Financial (NASDAQ:CCB) Stock

by · The Markets Daily

Coastal Financial Corporation (NASDAQ:CCB – Get Free Report) CEO Eric Sprink sold 4,356 shares of the firm’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $114.51, for a total value of $498,805.56. Following the transaction, the chief executive officer directly owned 174,528 shares in the company, valued at approximately $19,985,201.28. This represents a 2.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Coastal Financial Stock Performance

CCB traded down $0.65 on Friday, hitting $113.04. 69,976 shares of the company traded hands, compared to its average volume of 92,472. Coastal Financial Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. The company has a 50 day moving average of $112.20 and a 200-day moving average of $108.24. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. 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 – Get Free Report) last released its earnings results on Wednesday, October 29th. The company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. The company had revenue of $52.89 million during the quarter, compared to analyst estimates of $133.44 million. Sell-side analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Zacks Research upgraded shares of Coastal Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Cowen reiterated a “buy” rating on shares of Coastal Financial in a research note on Friday, December 5th. TD Cowen increased their price target 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Coastal Financial in a report on Monday, December 29th. Finally, UBS Group set a $155.00 target price on Coastal Financial in a research note on Friday, December 5th. One research 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 company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $125.17.

Read Our Latest Stock Report on Coastal Financial

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. American Century Companies Inc. lifted its position 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 valued at $46,685,000 after acquiring an additional 275,500 shares during the period. Azora Capital LP increased its stake in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company’s stock valued at $72,759,000 after purchasing an additional 156,956 shares in the last quarter. Ranger Investment Management L.P. acquired a new position in Coastal Financial during the third quarter worth $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Coastal Financial by 364.1% during the third 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. purchased a new stake in Coastal Financial during the third quarter worth $13,580,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Coastal Financial Company Profile

(Get Free Report)

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.

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