Insider Buying: Coastal Financial (NASDAQ:CCB) CEO Purchases $444,500.00 in Stock

Key Points

• CEO Eric Sprink bought 10,000 Coastal Financial shares at an average of $44.45, investing $444,500 and increasing his direct ownership by 6.13% to 173,238 shares.
• Coastal Financial reported a significant quarterly earnings miss, posting a loss of $2.76 per share versus the expected $1.01 profit, although revenue of $178.07 million exceeded estimates.
• Shares recently traded at $45.34, well below their 12-month high of $120.05. Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $91.33, despite recent target cuts and a Zacks “strong sell” downgrade.

Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric Sprink purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average price of $44.45 per share, for a total transaction of $444,500.00. Following the transaction, the chief executive officer directly owned 173,238 shares of the company's stock, valued at $7,700,429.10. This trade represents a 6.13% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Coastal Financial Price Performance

CCB traded up $1.41 on Friday, hitting $45.34. 274,009 shares of the stock were exchanged, compared to its average volume of 367,255. The firm has a market capitalization of $691.43 million, a price-to-earnings ratio of -161.92 and a beta of 0.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.03. Coastal Financial Corporation has a 12 month low of $36.61 and a 12 month high of $120.05. The business has a 50-day moving average of $70.26 and a two-hundred day moving average of $77.57.

Coastal Financial (NASDAQ:CCB - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing the consensus estimate of $1.01 by ($3.77). Coastal Financial had a negative net margin of 0.53% and a negative return on equity of 0.79%. The firm had revenue of $178.07 million during the quarter, compared to the consensus estimate of $148.50 million. Sell-side analysts forecast that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds have recently made changes to their positions in CCB. JPMorgan Chase & Co. raised its holdings in shares of Coastal Financial by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 6,644 shares of the company's stock valued at $644,000 after purchasing an additional 149 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Coastal Financial by 7.0% during the fourth quarter. ProShare Advisors LLC now owns 2,360 shares of the company's stock worth $270,000 after purchasing an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Coastal Financial by 129.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company's stock worth $34,000 after buying an additional 169 shares in the last quarter. Swiss National Bank lifted its position in shares of Coastal Financial by 0.8% during the 3rd quarter. Swiss National Bank now owns 26,165 shares of the company's stock worth $2,830,000 after buying an additional 200 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Coastal Financial by 0.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 105,734 shares of the company's stock worth $12,117,000 after buying an additional 293 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CCB has been the subject of several recent analyst reports. Zacks Research downgraded Coastal Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Coastal Financial in a research report on Monday, June 29th. TD Cowen lowered their price objective on shares of Coastal Financial from $110.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Keefe, Bruyette & Woods dropped their price objective on shares of Coastal Financial from $95.00 to $53.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Finally, Wall Street Zen raised Coastal Financial from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Coastal Financial presently has an average rating of "Moderate Buy" and a consensus price target of $91.33.

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.

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