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

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

Coastal Financial Trading Up 3.2 %

Shares of NASDAQ:CCB traded up $2.06 during trading hours on Wednesday, hitting $66.57. 123,603 shares of the company’s stock traded hands, compared to its average volume of 58,298. Coastal Financial has a 1 year low of $35.67 and a 1 year high of $66.57. The business has a fifty day moving average price of $54.29 and a 200-day moving average price of $48.45. The firm has a market capitalization of $895.77 million, a P/E ratio of 22.41 and a beta of 1.24. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03.

Insider Activity at Coastal Financial

In other news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $51.56, for a total value of $51,560.00. Following the completion of the transaction, the chief executive officer now directly owns 312,689 shares in the company, valued at $16,122,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $51.56, for a total value of $51,560.00. Following the completion of the transaction, the chief executive officer now directly owns 312,689 shares in the company, valued at $16,122,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total value of $79,341.00. Following the transaction, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,404,500. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,495 shares of company stock valued at $3,187,116 over the last quarter. 16.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

About Coastal Financial

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.