Coastal Financial (NASDAQ:CCB) Posts Earnings Results

Coastal Financial (NASDAQ:CCB) announced its quarterly earnings data on Thursday. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.34), FiscalAI reports. Coastal Financial had a net margin of 7.11% and a return on equity of 10.16%. The business had revenue of $56.49 million during the quarter, compared to analyst estimates of $140.81 million.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $95.78 on Friday. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 31.51 and a beta of 0.89. Coastal Financial has a 1-year low of $76.11 and a 1-year high of $120.05. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $112.82 and a 200-day simple moving average of $108.61.

Insider Transactions at Coastal Financial

In other news, CEO Eric M. Sprink sold 4,000 shares of Coastal Financial stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $116.01, for a total value of $464,040.00. Following the transaction, the chief executive officer directly owned 159,126 shares in the company, valued at approximately $18,460,207.26. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Joel G. Edwards sold 1,300 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $111.34, for a total value of $144,742.00. Following the completion of the sale, the chief financial officer directly owned 11,462 shares of the company’s stock, valued at $1,276,179.08. This represents a 10.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 63,296 shares of company stock valued at $7,287,745 over the last 90 days. Corporate insiders own 14.10% of the company’s stock.

Institutional Trading of Coastal Financial

Several hedge funds have recently added to or reduced their stakes in CCB. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Coastal Financial by 364.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,764 shares of the company’s stock worth $18,255,000 after acquiring an additional 132,403 shares during the last quarter. UBS Group AG boosted its stake in shares of Coastal Financial by 158.7% during the 3rd quarter. UBS Group AG now owns 166,185 shares of the company’s stock worth $17,976,000 after buying an additional 101,935 shares during the last quarter. Cooper Creek Partners Management LLC grew its holdings in shares of Coastal Financial by 108.7% in the 3rd quarter. Cooper Creek Partners Management LLC now owns 162,099 shares of the company’s stock valued at $17,534,000 after acquiring an additional 84,438 shares in the last quarter. First Trust Advisors LP increased its position in shares of Coastal Financial by 657.4% in the second quarter. First Trust Advisors LP now owns 68,748 shares of the company’s stock valued at $6,660,000 after acquiring an additional 59,671 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Coastal Financial by 5,520.0% during the third quarter. Russell Investments Group Ltd. now owns 46,477 shares of the company’s stock valued at $5,027,000 after purchasing an additional 45,650 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Analysts Set New Price Targets

CCB has been the topic of several research analyst reports. Hovde Group decreased their target price on shares of Coastal Financial from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Coastal Financial in a research note on Monday, December 29th. UBS Group set a $155.00 target price on Coastal Financial in a research report on Friday, December 5th. Finally, TD Cowen reissued a “buy” rating on shares of Coastal Financial in a report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $126.33.

Coastal Financial Company Profile

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.