Coastal Financial (NASDAQ:CCB) CEO Eric Sprink Sells 10,683 Shares

Key Points

• Coastal Financial CEO Eric Sprink sold 10,683 shares at an average price of $114.65, totaling over $1.22 million, resulting in a 4.82% decrease in his holdings.
• The company's latest quarterly earnings report showed earnings of $0.71 per share, missing analysts' expectations of $0.87, with revenue also falling below forecast.
• Analyst reports have boosted Coastal Financial's price target, with Keefe, Bruyette & Woods increasing it to $115.00 and Hovde Group setting it at $126.00, reflecting a generally positive outlook on the stock.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric Sprink sold 10,683 shares of Coastal Financial stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $114.65, for a total value of $1,224,805.95. Following the completion of the transaction, the chief executive officer owned 211,011 shares in the company, valued at approximately $24,192,411.15. The trade was a 4.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Coastal Financial Price Performance

Shares of CCB traded down $1.21 during midday trading on Friday, hitting $114.18. The company's stock had a trading volume of 119,396 shares, compared to its average volume of 122,497. Coastal Financial Corporation has a one year low of $51.31 and a one year high of $118.00. The company's fifty day simple moving average is $105.28 and its two-hundred day simple moving average is $93.58. 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 $1.73 billion, a price-to-earnings ratio of 35.13 and a beta of 1.05.

Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. As a group, equities analysts expect that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their price target on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 price target on Coastal Financial in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. Based on data from MarketBeat, Coastal Financial currently has a consensus rating of "Buy" and an average target price of $110.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCB. Ameriprise Financial Inc. raised its stake in shares of Coastal Financial by 4.9% in the fourth quarter. Ameriprise Financial Inc. now owns 30,828 shares of the company's stock worth $2,618,000 after purchasing an additional 1,453 shares during the last quarter. Bank of America Corp DE increased its position in shares of Coastal Financial by 9.7% during the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company's stock valued at $1,422,000 after acquiring an additional 1,478 shares during the last quarter. Deutsche Bank AG increased its position in shares of Coastal Financial by 52.2% during the fourth quarter. Deutsche Bank AG now owns 10,806 shares of the company's stock valued at $918,000 after acquiring an additional 3,705 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Coastal Financial by 5.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,459 shares of the company's stock valued at $548,000 after acquiring an additional 343 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Coastal Financial by 88.2% during the fourth quarter. Nuveen Asset Management LLC now owns 96,253 shares of the company's stock valued at $8,173,000 after acquiring an additional 45,100 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

About Coastal Financial

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.

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