Coastal Financial (NASDAQ:CCB) Releases Earnings Results, Misses Estimates By $0.09 EPS

Coastal Financial (NASDAQ:CCB) released 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 net margin of 5.98% and a return on equity of 13.86%.

Coastal Financial Stock Performance

Shares of CCB stock traded up $1.85 during trading hours on Tuesday, reaching $85.99. 21,359 shares of the company’s stock were exchanged, compared to its average volume of 108,682. 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 company’s 50 day moving average is $81.02 and its two-hundred day moving average is $64.22. The company has a market cap of $1.16 billion, a P/E ratio of 28.96 and a beta of 1.22. Coastal Financial has a 1 year low of $35.67 and a 1 year high of $88.60.

Insider Activity at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction 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 approximately $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Sprink sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $65.93, for a total value of $461,510.00. Following the completion of the sale, the chief executive officer now owns 251,388 shares in the company, valued at approximately $16,574,010.84. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,482 shares of company stock worth $988,379 over the last three months. 16.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCB. Keefe, Bruyette & Woods upped their target price on shares of Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Raymond James increased their price objective on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

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.