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

by · The Markets Daily

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

Coastal Financial Price Performance

Shares of NASDAQ CCB opened at $66.57 on Thursday. The company has a market capitalization of $895.77 million, a price-to-earnings ratio of 22.41 and a beta of 1.24. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $66.57. The business has a 50 day simple moving average of $54.29 and a 200-day simple moving average of $48.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15.

Analyst Upgrades and Downgrades

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

View Our Latest Stock Analysis on CCB

Insiders Place Their Bets

In other news, CEO Eric M. Sprink sold 3,705 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total value of $222,337.05. Following the transaction, the chief executive officer now owns 275,683 shares in the company, valued at $16,543,736.83. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Eric M. Sprink sold 3,705 shares of Coastal Financial stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $60.01, for a total transaction of $222,337.05. Following the sale, the chief executive officer now owns 275,683 shares of the company’s stock, valued at approximately $16,543,736.83. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction on Wednesday, August 28th. The stock was 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 $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 sold 59,495 shares of company stock worth $3,187,116 over the last ninety days. Company insiders own 16.82% of the company’s stock.

Coastal Financial Company Profile

(Get Free Report)

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.

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