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

Coastal Financial (NASDAQ:CCB) issued its quarterly earnings results on Tuesday. The company reported $0.94 earnings per share 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 Stock Performance

CCB opened at $88.90 on Thursday. The stock has a market cap of $1.20 billion, a P/E ratio of 27.35 and a beta of 1.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a fifty day moving average price of $82.75 and a 200 day moving average price of $65.98. Coastal Financial has a 1 year low of $35.67 and a 1 year high of $91.39.

Wall Street Analyst Weigh In

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

Insider Activity at Coastal Financial

In other news, 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 value of $74,150.00. Following the completion of the sale, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric M. Sprink sold 2,000 shares of the 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 transaction, the chief executive officer now owns 240,388 shares in the company, valued at $17,055,528.60. This trade represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. 16.82% of the stock is owned by company insiders.

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.