Coastal Financial (NASDAQ:CCB) Announces Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Key Points

• Coastal Financial reported a quarterly EPS of $0.71, missing the consensus estimate of $0.87, with total revenue of $119.43 million compared to expected $158.05 million.
• Shares of Coastal Financial rose by 2.4% following the earnings report, reaching $99.52, and the company's market capitalization now stands at $1.50 billion.
• Insider transactions revealed that CFO Joel G. Edwards sold 3,128 shares at an average price of $88.44, representing a decrease in his ownership by 7.03%.

Coastal Financial (NASDAQ:CCB - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.16), Zacks reports. Coastal Financial had a net margin of 7.02% and a return on equity of 11.69%. The company had revenue of $119.43 million for the quarter, compared to analyst estimates of $158.05 million.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded down $3.80 during mid-day trading on Friday, hitting $92.40. 216,208 shares of the stock traded hands, compared to its average volume of 117,992. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 1.04. Coastal Financial has a twelve month low of $45.92 and a twelve month high of $106.38. The company has a market cap of $1.39 billion, a PE ratio of 28.43 and a beta of 1.01. The firm has a 50 day simple moving average of $94.32 and a two-hundred day simple moving average of $89.15.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of Coastal Financial stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the transaction, the chief financial officer directly owned 41,387 shares of the company's stock, valued at approximately $3,660,266.28. The trade was a 7.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its holdings in Coastal Financial by 44.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company's stock worth $6,645,000 after buying an additional 22,725 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Coastal Financial by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 26,465 shares of the company's stock worth $2,393,000 after buying an additional 1,048 shares during the period. AQR Capital Management LLC lifted its stake in shares of Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company's stock valued at $1,185,000 after purchasing an additional 473 shares during the period. Empowered Funds LLC lifted its stake in shares of Coastal Financial by 7.3% in the 1st quarter. Empowered Funds LLC now owns 12,439 shares of the company's stock valued at $1,125,000 after purchasing an additional 848 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Coastal Financial by 15.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company's stock valued at $672,000 after purchasing an additional 977 shares during the period. 59.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CCB shares. Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Finally, Raymond James Financial reduced their target price on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th.

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.