Coastal Financial (NASDAQ:CCB) Posts Earnings Results

Coastal Financial (NASDAQ:CCB - Get Free Report) released its quarterly earnings results on Monday. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01, Zacks reports. Coastal Financial had a return on equity of 13.34% and a net margin of 6.07%. The business had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million.

Coastal Financial Trading Up 1.4 %

CCB traded up $0.88 during midday trading on Tuesday, hitting $64.51. The company's stock had a trading volume of 137,243 shares, compared to its average volume of 57,985. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.15. The firm has a market cap of $865.66 million, a P/E ratio of 22.56 and a beta of 1.24. The firm has a 50-day moving average price of $53.96 and a two-hundred day moving average price of $48.32. Coastal Financial has a 52-week low of $35.67 and a 52-week high of $64.54.

Analyst Ratings Changes

Several research analysts recently weighed in on CCB shares. Raymond James boosted their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a research note on Tuesday. Hovde Group boosted their target price on shares of Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on Coastal Financial from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Tuesday.

Insider Transactions at Coastal Financial

In other news, Director Steven D. Hovde sold 2,003 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the sale, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Steven D. Hovde sold 2,003 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.26, for a total transaction of $106,679.78. Following the completion of the sale, the director now owns 27,997 shares in the company, valued at approximately $1,491,120.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven D. Hovde sold 1,556 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $53.50, for a total value of $83,246.00. Following the completion of the transaction, the director now owns 24,000 shares of the company's stock, valued at approximately $1,284,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,495 shares of company stock worth $3,187,116. 16.82% of the stock is currently 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.