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

Coastal Financial (NASDAQ:CCB) announced its earnings results on Monday. The company reported $0.97 earnings per share (EPS) for the quarter, beating 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 CCB opened at $63.63 on Tuesday. The stock has a 50 day moving average of $53.65 and a 200 day moving average of $48.14. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. Coastal Financial has a 12 month low of $35.67 and a 12 month high of $64.29. The company has a market capitalization of $853.85 million, a price-to-earnings ratio of 22.25 and a beta of 1.24.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CCB shares. Hovde Group lifted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Keefe, Bruyette & Woods raised shares of Coastal Financial to a “moderate buy” rating in a research report on Tuesday, July 30th.

Insiders Place Their Bets

In other news, Director Steven D. Hovde sold 1,497 shares of Coastal Financial stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $53.00, for a total transaction of $79,341.00. Following the sale, the director now directly owns 26,500 shares in the company, valued at $1,404,500. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $53.00, for a total transaction of $79,341.00. Following the completion of the transaction, the director now directly owns 26,500 shares of the company’s stock, valued at $1,404,500. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the sale, the chief executive officer now directly owns 316,912 shares in the company, valued at $15,886,798.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,495 shares of company stock valued at $3,187,116. 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.