Coastal Financial (NASDAQ:CCB) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Coastal Financial (NASDAQ:CCB) issued its quarterly earnings data on Monday. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01, Zacks reports. The company had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%.

Coastal Financial Stock Performance

Shares of Coastal Financial stock opened at $64.51 on Wednesday. Coastal Financial has a 52 week low of $35.67 and a 52 week high of $64.54. The company has a market capitalization of $868.05 million, a PE ratio of 21.72 and a beta of 1.24. The stock’s fifty day moving average is $53.96 and its two-hundred day moving average is $48.32. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.15.

Insider Activity

In related news, Director Steven D. Hovde sold 2,003 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Steven D. Hovde sold 2,003 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.26, for a total value of $106,679.78. Following the transaction, the director now owns 27,997 shares of the company’s stock, valued at $1,491,120.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven D. Hovde sold 1,556 shares of Coastal Financial stock in a transaction on Friday, August 30th. The shares were sold at an average price of $53.50, for a total value of $83,246.00. Following the sale, the director now directly owns 24,000 shares of the company’s stock, valued at approximately $1,284,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,495 shares of company stock valued at $3,187,116. 16.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CCB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday. Hovde Group raised their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Raymond James upped their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday.

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.