Coastal Financial (NASDAQ:CCB) Announces Quarterly Earnings Results

Coastal Financial (NASDAQ:CCB) released its quarterly earnings results on Thursday. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.34), FiscalAI reports. The firm had revenue of $56.49 million for the quarter, compared to the consensus estimate of $140.81 million. Coastal Financial had a net margin of 7.14% and a return on equity of 10.45%.

Coastal Financial Stock Performance

NASDAQ CCB opened at $100.81 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.05. Coastal Financial has a 1-year low of $76.11 and a 1-year high of $120.05. The business has a 50 day simple moving average of $112.96 and a two-hundred day simple moving average of $108.65. The stock has a market capitalization of $1.52 billion, a PE ratio of 31.90 and a beta of 0.89.

Insider Buying and Selling

In related news, Director Steven D. Hovde sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $117.25, for a total value of $351,750.00. Following the completion of the transaction, the director directly owned 11,500 shares of the company’s stock, valued at approximately $1,348,375. This trade represents a 20.69% 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. Also, CEO Eric M. Sprink sold 8,778 shares of Coastal Financial stock in a transaction on Monday, January 5th. The stock was sold at an average price of $114.95, for a total transaction of $1,009,031.10. Following the completion of the transaction, the chief executive officer directly owned 193,884 shares of the company’s stock, valued at $22,286,965.80. The trade was a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 63,296 shares of company stock valued at $7,287,745 over the last quarter. Corporate insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Coldstream Capital Management Inc. purchased a new stake in Coastal Financial during the third quarter worth $256,000. Harvest Investment Services LLC acquired a new stake in shares of Coastal Financial during the third quarter valued at about $1,530,000. Verition Fund Management LLC raised its holdings in shares of Coastal Financial by 170.4% in the 3rd quarter. Verition Fund Management LLC now owns 7,144 shares of the company’s stock valued at $773,000 after buying an additional 4,502 shares during the period. Nomura Holdings Inc. boosted its position in Coastal Financial by 54.7% in the 3rd quarter. Nomura Holdings Inc. now owns 12,297 shares of the company’s stock valued at $1,330,000 after buying an additional 4,350 shares during the period. Finally, Focus Partners Wealth purchased a new stake in shares of Coastal Financial during the third quarter worth approximately $2,763,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CCB shares. Hovde Group lowered their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating for the company in a report on Friday. TD Cowen reaffirmed a “buy” rating on shares of Coastal Financial in a research report on Friday, December 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. Finally, UBS Group set a $155.00 target price on Coastal Financial in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $126.33.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.