Coastal Financial (NASDAQ:CCB) Releases Quarterly Earnings Results

Coastal Financial (NASDAQ:CCB) released its quarterly earnings results on Monday. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01, Zacks reports. The firm had revenue of $185.15 million for the quarter, compared to analysts’ expectations of $154.30 million. Coastal Financial had a net margin of 6.07% and a return on equity of 13.34%.

Coastal Financial Stock Up 3.2 %

Shares of NASDAQ:CCB opened at $66.57 on Thursday. Coastal Financial has a one year low of $35.67 and a one year high of $66.57. The firm has a fifty day moving average price of $54.29 and a two-hundred day moving average price of $48.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $895.77 million, a price-to-earnings ratio of 22.41 and a beta of 1.24.

Insider Buying and Selling at Coastal Financial

In other news, Director Steven D. Hovde sold 1,497 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,404,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $51.56, for a total transaction of $51,560.00. Following the completion of the transaction, the chief executive officer now owns 312,689 shares of the company’s stock, valued at approximately $16,122,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven D. Hovde sold 1,497 shares of the business’s 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 completion of the sale, the director now directly owns 26,500 shares in the company, valued at $1,404,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,495 shares of company stock valued at $3,187,116 in the last 90 days. Corporate insiders own 16.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.