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

Coastal Financial Corporation (NASDAQ:CCB) CEO Eric Sprink sold 4,356 shares of the stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $114.51, for a total value of $498,805.56. Following the completion of the sale, the chief executive officer owned 174,528 shares in the company, valued at approximately $19,985,201.28. This trade represents a 2.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Coastal Financial Trading Down 0.6%

Shares of Coastal Financial stock opened at $113.04 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The business has a fifty day simple moving average of $112.20 and a two-hundred day simple moving average of $108.24. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 35.77 and a beta of 0.89.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.01). The company had revenue of $52.89 million during the quarter, compared to the consensus estimate of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. Research analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. TD Cowen raised their price objective on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. UBS Group set a $155.00 price target on 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. Finally, Zacks Research raised Coastal Financial from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $125.17.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in shares of Coastal Financial by 3.7% during the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Coastal Financial by 15.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company’s stock worth $672,000 after purchasing an additional 977 shares during the period. Goldman Sachs Group Inc. lifted its position in Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company’s stock worth $6,645,000 after purchasing an additional 22,725 shares during the period. Empowered Funds LLC grew its stake in Coastal Financial by 7.3% during the first quarter. Empowered Funds LLC now owns 12,439 shares of the company’s stock worth $1,125,000 after buying an additional 848 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Coastal Financial by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company’s stock valued at $2,393,000 after buying an additional 1,048 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

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.