Key Points
- Insider sale: CEO Eric Sprink sold 3,000 shares on January 7 at an average price of $117.60 for $352,800, leaving him with 182,884 shares — a 1.61% reduction in his ownership.
- Quarterly results: Coastal Financial reported $0.88 EPS (vs. $0.89 expected) and revenue of $52.89 million (vs. $133.44 million expected), with a net margin of 7.14% and ROE of 10.45%.
- Analyst and market view: The stock trades around $117.79 (market cap ~$1.78B, PE ~37.3) and carries a consensus "Buy" rating with an average target of $125.17, while some firms (Cowen/UBS/TD Cowen) have set $155 targets.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric Sprink sold 3,000 shares of the business's stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $117.60, for a total value of $352,800.00. Following the completion of the sale, the chief executive officer directly owned 182,884 shares of the company's stock, valued at $21,507,158.40. The trade was a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Coastal Financial Stock Down 0.2%
Shares of NASDAQ CCB opened at $117.79 on Thursday. The business has a 50-day moving average price of $111.04 and a 200 day moving average price of $107.44. The stock has a market cap of $1.78 billion, a PE ratio of 37.28 and a beta of 0.89. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 52-week low of $76.11 and a 52-week high of $120.05.
Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). The firm had revenue of $52.89 million during the quarter, compared to analysts' expectations of $133.44 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%. Equities research analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current year.
Institutional Investors Weigh In On Coastal Financial
A number of institutional investors have recently added to or reduced their stakes in the business. D.A. Davidson & CO. acquired a new position in Coastal Financial during the third quarter worth about $13,580,000. Peregrine Capital Management LLC lifted its position in shares of Coastal Financial by 25.0% during the 2nd quarter. Peregrine Capital Management LLC now owns 140,693 shares of the company's stock valued at $13,629,000 after acquiring an additional 28,099 shares during the period. Azora Capital LP boosted its stake in shares of Coastal Financial by 26.4% during the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company's stock worth $72,759,000 after acquiring an additional 156,956 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Coastal Financial by 69.1% in the 2nd quarter. SG Americas Securities LLC now owns 10,741 shares of the company's stock worth $1,040,000 after acquiring an additional 4,391 shares during the period. Finally, Advisors Capital Management LLC grew its holdings in shares of Coastal Financial by 1.3% in the 2nd quarter. Advisors Capital Management LLC now owns 141,658 shares of the company's stock worth $13,722,000 after acquiring an additional 1,763 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on CCB shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Coastal Financial in a research note on Monday, December 29th. TD Cowen upped their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the company a "buy" rating in a report on Friday, December 5th. Zacks Research upgraded shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Finally, Cowen reaffirmed a "buy" rating on shares of Coastal Financial in a research note on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $125.17.
View Our Latest Stock Report on Coastal Financial
Coastal Financial Company Profile
(
Get Free Report)
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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