Key Points
- CEO Eric Sprink sold 4,000 shares on January 9 at an average price of $118.88 for $475,520, trimming his stake by 2.19% to 178,884 shares (about $21.27M post-sale).
- Coastal Financial missed on recent results, reporting $0.88 EPS versus a $0.89 consensus and revenue of $52.89M against analysts' estimate of $133.44M.
- Analysts remain largely positive—one Strong Buy, six Buys and one Hold—with an average target of $125.17 and firms like TD Cowen and UBS raising targets to $155.00.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric Sprink sold 4,000 shares of the firm's stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $118.88, for a total value of $475,520.00. Following the sale, the chief executive officer directly owned 178,884 shares in the company, valued at approximately $21,265,729.92. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Coastal Financial Trading Down 0.0%
Shares of NASDAQ:CCB opened at $110.39 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a 12-month low of $76.11 and a 12-month high of $120.05. The business has a 50 day moving average of $111.72 and a two-hundred day moving average of $108.06. The company has a market capitalization of $1.67 billion, a PE ratio of 34.93 and a beta of 0.89.
Coastal Financial (NASDAQ:CCB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.88 EPS for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%.The firm had revenue of $52.89 million for the quarter, compared to analyst estimates of $133.44 million. As a group, analysts forecast that Coastal Financial Corporation will post 4.59 EPS for the current year.
Institutional Investors Weigh In On Coastal Financial
Several large investors have recently bought and sold shares of the company. American Century Companies Inc. lifted its position in shares of Coastal Financial by 133.5% in the second quarter. American Century Companies Inc. now owns 481,933 shares of the company's stock valued at $46,685,000 after acquiring an additional 275,500 shares in the last quarter. Azora Capital LP raised its stake in Coastal Financial by 26.4% in the 2nd quarter. Azora Capital LP now owns 751,098 shares of the company's stock valued at $72,759,000 after purchasing an additional 156,956 shares during the last quarter. Ranger Investment Management L.P. acquired a new position in Coastal Financial in the 3rd quarter valued at $16,895,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Coastal Financial by 364.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company's stock valued at $18,255,000 after purchasing an additional 132,403 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new stake in Coastal Financial during the 3rd quarter worth $13,580,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the stock. TD Cowen increased their target price on shares of Coastal Financial from $140.00 to $155.00 and gave the stock a "buy" rating in a research note on Friday, December 5th. UBS Group set a $155.00 price target on Coastal Financial in a report on Friday, December 5th. Zacks Research raised Coastal Financial from a "strong sell" rating to a "hold" rating in a report on Monday, September 29th. Cowen restated a "buy" rating on shares of Coastal Financial in a research report on Friday, December 5th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Coastal Financial in a research report on Monday, December 29th. One 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. Based on data from MarketBeat.com, Coastal Financial presently has an average 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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