Coastal Financial (NASDAQ:CCB) CEO Sells $1,009,031.10 in Stock

by · The Markets Daily

Coastal Financial Corporation (NASDAQ:CCB – Get Free Report) CEO Eric Sprink sold 8,778 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Coastal Financial Trading Up 1.6%

Shares of CCB stock traded up $1.81 on Monday, reaching $115.11. 127,825 shares of the stock were exchanged, compared to its average volume of 92,884. 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 1-year low of $76.11 and a 1-year high of $120.05. The firm has a 50 day moving average of $110.53 and a two-hundred day moving average of $107.14. The stock has a market cap of $1.74 billion, a P/E ratio of 36.43 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB – Get Free Report) 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). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The firm had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. On average, research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current year.

Hedge Funds Weigh In On Coastal Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Coldstream Capital Management Inc. bought a new position in shares of Coastal Financial in the third quarter worth $256,000. Harvest Investment Services LLC acquired a new stake in Coastal Financial in the third quarter valued at approximately $1,530,000. Verition Fund Management LLC increased its position in shares of Coastal Financial by 170.4% during the third quarter. Verition Fund Management LLC now owns 7,144 shares of the company’s stock worth $773,000 after acquiring an additional 4,502 shares in the last quarter. Nomura Holdings Inc. grew its stake in shares of Coastal Financial by 54.7% in the 3rd quarter. Nomura Holdings Inc. now owns 12,297 shares of the company’s stock worth $1,330,000 after acquiring an additional 4,350 shares in the last quarter. Finally, Focus Partners Wealth purchased a new stake in Coastal Financial during the third quarter worth about $2,763,000. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analyst Ratings Changes

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

Read Our Latest Report on Coastal Financial

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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