Eric M. Sprink Sells 10,500 Shares of Coastal Financial (NASDAQ:CCB) Stock

Key Points

• Coastal Financial CEO Eric Sprink sold 10,500 shares at an average price of $108.82, totaling $1,142,610, which reduced his ownership in the company by 4.35%.
• The company's last quarterly earnings showed EPS of $0.71, falling short of the expected $0.87, with revenue also missing expectations at $119.43 million.
• Recent analyst reports have given Coastal Financial a consensus Buy rating with a price target of around $110.25, indicating potential growth.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric M. Sprink sold 10,500 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $108.82, for a total transaction of $1,142,610.00. Following the completion of the transaction, the chief executive officer directly owned 230,694 shares of the company's stock, valued at approximately $25,104,121.08. This represents a 4.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Coastal Financial Price Performance

CCB traded down $1.78 during trading on Friday, reaching $113.61. The stock had a trading volume of 292,316 shares, compared to its average volume of 113,615. The business has a 50-day moving average of $105.52 and a 200-day moving average of $93.79. Coastal Financial Corporation has a one year low of $51.31 and a one year high of $118.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a market cap of $1.72 billion, a PE ratio of 34.96 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16). Coastal Financial had a net margin of 7.02% and a return on equity of 11.31%. The firm had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. As a group, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Hovde Group set a $126.00 price objective on Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods raised their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, Coastal Financial currently has an average rating of "Buy" and a consensus target price of $110.25.

Hedge Funds Weigh In On Coastal Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCB. Russell Investments Group Ltd. lifted its position in Coastal Financial by 229.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 827 shares of the company's stock valued at $80,000 after acquiring an additional 576 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Coastal Financial by 521.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company's stock valued at $122,000 after acquiring an additional 1,059 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Coastal Financial during the 4th quarter valued at $172,000. AlphaQuest LLC purchased a new stake in Coastal Financial during the 1st quarter valued at $188,000. Finally, KLP Kapitalforvaltning AS raised its stake in Coastal Financial by 28.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 2,700 shares of the company's stock valued at $262,000 after buying an additional 600 shares during the last quarter. 59.24% of the stock is owned by institutional investors.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.