Coastal Financial (NASDAQ:CCB) Issues Earnings Results

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

Coastal Financial Trading Up 2.1 %

Shares of NASDAQ CCB traded up $1.77 during midday trading on Tuesday, hitting $85.91. The stock had a trading volume of 27,309 shares, compared to its average volume of 108,861. The firm has a market cap of $1.16 billion, a P/E ratio of 28.94 and a beta of 1.22. Coastal Financial has a fifty-two week low of $35.67 and a fifty-two week high of $88.60. 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 simple moving average is $81.02 and its 200 day simple moving average is $64.22.

Analysts Set New Price Targets

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

Insider Activity

In other news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now directly owns 19,611 shares in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 7,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were 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 of the company’s stock, valued at $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 14,482 shares of company stock valued at $988,379 over the last 90 days. 16.82% of the stock is owned by company 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.