Eric M. Sprink Sells 4,000 Shares of Coastal Financial (NASDAQ:CCB) Stock

Key Points

• Coastal Financial CEO Eric Sprink sold 4,000 shares at an average price of $107.90, totaling $431,600, resulting in a 1.73% decrease in his ownership position.
• The company reported a net margin of 7.02% and earnings per share of $0.71, missing analysts' estimates of $0.87.
• Coastal Financial has a market capitalization of $1.67 billion and currently has a consensus rating of "Buy" with a price target of $110.25 from analysts.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric M. Sprink sold 4,000 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $107.90, for a total value of $431,600.00. Following the transaction, the chief executive officer directly owned 226,694 shares in the company, valued at $24,460,282.60. The trade was a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Coastal Financial Stock Down 1.5%

CCB stock traded down $1.78 during trading on Friday, reaching $113.61. 292,316 shares of the company traded hands, compared to its average volume of 113,615. The business has a 50 day simple moving average of $105.52 and a 200 day simple moving average of $93.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial Corporation has a 12 month low of $51.31 and a 12 month high of $118.00. The company has a market capitalization of $1.72 billion, a price-to-earnings 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 EPS 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 business had revenue of $119.43 million during the quarter, compared to analysts' expectations of $158.05 million. On average, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Institutional Trading of Coastal Financial

A number of institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its position in Coastal Financial by 8.2% during the first quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock worth $1,510,000 after buying an additional 1,262 shares in the last quarter. Northern Trust Corp raised its position in Coastal Financial by 8.4% in the first quarter. Northern Trust Corp now owns 116,160 shares of the company's stock valued at $10,502,000 after purchasing an additional 9,015 shares during the period. Principal Financial Group Inc. raised its position in Coastal Financial by 87.5% in the first quarter. Principal Financial Group Inc. now owns 14,303 shares of the company's stock valued at $1,293,000 after purchasing an additional 6,673 shares during the period. GAMMA Investing LLC raised its position in Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after purchasing an additional 3,519 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Coastal Financial by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 39,989 shares of the company's stock valued at $3,615,000 after purchasing an additional 1,778 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on CCB. Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report 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 stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $110.25.

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.