Key Points
- Coastal Financial CEO Eric Sprink sold 3,000 shares on January 16 at an average price of $114.15, generating $342,450 and reducing his ownership by 1.72% to 171,528 shares (about $19.58M).
- Analyst consensus is "Buy" with a consensus price target of $125.17, and several firms (including Cowen and UBS) have raised targets to $155.
- The company reported quarterly EPS of $0.88 (missing estimates by $0.01) and revenue of $52.89M versus analysts' $133.44M estimate; the stock carries a ~$1.71B market cap and a PE of 35.77.
Coastal Financial Corporation (NASDAQ:CCB - Get Free Report) CEO Eric Sprink sold 3,000 shares of Coastal Financial stock in a transaction on Friday, January 16th. The shares were sold at an average price of $114.15, for a total transaction of $342,450.00. Following the completion of the sale, the chief executive officer directly owned 171,528 shares of the company's stock, valued at approximately $19,579,921.20. This trade represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Coastal Financial Price Performance
CCB stock opened at $113.04 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. The company's 50-day moving average is $112.20 and its 200-day moving average is $108.24. The stock has a market capitalization of $1.71 billion, a PE ratio of 35.77 and a beta of 0.89. Coastal Financial Corporation has a 1 year low of $76.11 and a 1 year high of $120.05.
Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $133.44 million. Coastal Financial had a return on equity of 10.45% and a net margin of 7.14%. Equities research analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on CCB. Zacks Research raised shares of Coastal Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, September 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Coastal Financial in a report on Monday, December 29th. TD Cowen lifted their price objective 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. Cowen reissued a "buy" rating on shares of Coastal Financial in a research report on Friday, December 5th. Finally, UBS Group set a $155.00 target price on shares of Coastal Financial in a report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $125.17.
Read Our Latest Stock Report on CCB
Institutional Trading of Coastal Financial
Several institutional investors have recently made changes to their positions in the company. 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. SummerHaven Investment Management LLC increased its stake in Coastal Financial by 1.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 17,303 shares of the company's stock valued at $1,676,000 after buying an additional 165 shares during the last quarter. Emerald Advisers LLC boosted its stake in shares of Coastal Financial by 2.5% in the 2nd quarter. Emerald Advisers LLC now owns 7,421 shares of the company's stock worth $719,000 after buying an additional 179 shares during the last quarter. Swiss National Bank boosted its stake in shares of Coastal Financial by 0.8% in 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 during the last quarter. Finally, EJF Capital LLC grew its holdings in shares of Coastal Financial by 2.5% in the second quarter. EJF Capital LLC now owns 13,547 shares of the company's stock valued at $1,312,000 after acquiring an additional 329 shares in the last quarter. Institutional investors own 59.24% of the company's stock.
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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