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

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

Coastal Financial Stock Down 0.0 %

NASDAQ:CCB opened at $52.95 on Wednesday. The firm has a market capitalization of $710.59 million, a P/E ratio of 18.52 and a beta of 1.25. Coastal Financial has a 1-year low of $35.67 and a 1-year high of $53.15. The company’s fifty day moving average price is $46.29 and its 200-day moving average price is $42.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.03.

Insider Transactions at Coastal Financial

In related news, CFO Joel G. Edwards sold 1,034 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $44.45, for a total transaction of $45,961.30. Following the sale, the chief financial officer now directly owns 56,369 shares of the company’s stock, valued at $2,505,602.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.82% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group increased their target price on shares of Coastal Financial from $55.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday.

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.