Coastal Financial (NASDAQ:CCB) Issues Earnings Results

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) released its quarterly earnings data on Tuesday. The company reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.16), Zacks reports. The company had revenue of $119.43 million for the quarter, compared to the consensus estimate of $158.05 million. Coastal Financial had a return on equity of 11.69% and a net margin of 7.02%.

Coastal Financial Price Performance

NASDAQ:CCB traded down $3.80 during mid-day trading on Friday, reaching $92.40. The stock had a trading volume of 216,208 shares, compared to its average volume of 122,121. The stock has a market capitalization of $1.39 billion, a P/E ratio of 28.43 and a beta of 0.96. Coastal Financial has a one year low of $45.92 and a one year high of $106.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a 50 day moving average price of $94.19 and a two-hundred day moving average price of $89.07.

Wall Street Analyst Weigh In

Several research analysts have commented on CCB shares. Hovde Group lowered their target price on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods upped their target price on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Raymond James Financial cut their price target 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.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 3,128 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $88.44, for a total transaction of $276,640.32. Following the completion of the transaction, the chief financial officer owned 41,387 shares in the company, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 14.10% of the company's stock.

Hedge Funds Weigh In On Coastal Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CCB. Goldman Sachs Group Inc. increased its holdings in shares of Coastal Financial by 44.8% during the first quarter. Goldman Sachs Group Inc. now owns 73,503 shares of the company's stock valued at $6,645,000 after acquiring an additional 22,725 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Coastal Financial by 4.1% in 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 in the last quarter. AQR Capital Management LLC increased its holdings in Coastal Financial by 3.7% in the 1st quarter. AQR Capital Management LLC now owns 13,102 shares of the company's stock worth $1,185,000 after buying an additional 473 shares in the last quarter. Empowered Funds LLC boosted its position in Coastal Financial by 7.3% in the first quarter. Empowered Funds LLC now owns 12,439 shares of the company's stock worth $1,125,000 after purchasing an additional 848 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Coastal Financial by 15.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,436 shares of the company's stock worth $672,000 after purchasing an additional 977 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

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.