Banking services provider Coastal Financial (NASDAQ: CCB) will be announcing earnings results tomorrow before market hours. Here’s what you need to know.
Coastal Financial missed analysts’ revenue expectations last quarter, reporting revenues of $139.4 million, up 36.4% year on year. It was a softer quarter for the company, with a significant miss of analysts’ tangible book value per share estimates and a significant miss of analysts’ EPS estimates.
Is Coastal Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Coastal Financial’s revenue to grow 35.6% year on year, improving from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings.
Looking at Coastal Financial’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. OceanFirst Financial delivered year-on-year revenue growth of 79.9%, beating analysts’ expectations by 3.7%, and Byline Bancorp reported revenues up 4.6%, topping estimates by 3.7%. Byline Bancorp traded up 1.1% following the results.
Read our full analysis of OceanFirst Financial’s results here and Byline Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 2.5% on average over the last month. Coastal Financial is up 14.4% during the same time and is heading into earnings with an average analyst price target of $51 (compared to the current share price of $45.61).
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