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

Coastal Financial (NASDAQ:CCB) posted its quarterly earnings data on Monday. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $168.30 million.

Coastal Financial Stock Performance

NASDAQ:CCB traded down $0.07 during midday trading on Wednesday, reaching $52.90. The stock had a trading volume of 21,088 shares, compared to its average volume of 55,370. Coastal Financial has a 12-month low of $35.67 and a 12-month high of $53.54. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $46.29 and a two-hundred day simple moving average of $42.02. The stock has a market cap of $709.92 million, a P/E ratio of 18.52 and a beta of 1.25.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the completion of the sale, the chief financial officer now owns 56,369 shares of the company’s stock, valued at $2,505,602.05. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 16.82% of the stock is owned by corporate insiders.

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.