Coastal Financial (NASDAQ:CCB) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Coastal Financial (NASDAQ:CCB) released its quarterly earnings data on Monday. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03, Zacks reports. The company had revenue of $167.41 million during the quarter, compared to analysts’ expectations of $168.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.60%.

Coastal Financial Stock Performance

NASDAQ CCB traded up $0.13 on Wednesday, reaching $53.10. The stock had a trading volume of 78,771 shares, compared to its average volume of 55,604. The business’s 50-day moving average price is $46.29 and its 200 day moving average price is $42.02. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.54. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $712.60 million, a P/E ratio of 18.52 and a beta of 1.25.

Wall Street Analyst Weigh In

Separately, Hovde Group lifted their price objective on Coastal Financial from $55.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday.

Insider Buying and Selling

In related news, CFO Joel G. Edwards sold 1,034 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total value of $45,961.30. Following the completion of the sale, the chief financial officer now owns 56,369 shares in the company, valued at $2,505,602.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.82% of the company’s stock.

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.