Coastal Financial (NASDAQ:CCB) Posts Earnings Results, Misses Expectations By $0.09 EPS

Coastal Financial (NASDAQ:CCB) issued its quarterly earnings results on Tuesday. The company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.09), Zacks reports. Coastal Financial had a return on equity of 14.98% and a net margin of 6.43%.

Coastal Financial Price Performance

CCB stock opened at $88.90 on Thursday. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $91.39. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 27.35 and a beta of 1.23. The business has a fifty day moving average of $82.75 and a two-hundred day moving average of $65.98.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. Raymond James reaffirmed a “strong-buy” rating and set a $100.00 price objective (up previously from $88.00) on shares of Coastal Financial in a research note on Wednesday, January 29th. Finally, Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $70.95, for a total value of $141,900.00. Following the completion of the transaction, the chief executive officer now owns 240,388 shares of the company’s stock, valued at $17,055,528.60. This trade represents a 0.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total transaction of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 16.82% of the company’s stock.

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.