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Coastal Financial (CCB) Moves 5.0% Higher: Will This Strength Last? September 20, 2024
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Coastal Financial Corporation (CCB - Free Report) shares ended the last trading session 5% higher at $53.52. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% gain over the past four weeks.
Shares of Coastal Financial have been rallying for the six consecutives trading sessions. The recent 50 basis points interest rate cut by the Federal Reserve has turned investors bullish on bank stocks. As rates go down, loan demand is anticipated to improve alongside a lower deposit cost burden. These indicate enhanced prospects for profitability in the near term. This drove the CCB stock higher.
This company is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of +28%. Revenues are expected to be $156.8 million, up 62% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coastal Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CCB going forward to see if this recent jump can turn into more strength down the road.
Coastal Financial is part of the Zacks Banks - West industry. CVB Financial (CVBF - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $18.57. CVBF has returned 5.8% in the past month.
CVB Financial's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -16.7%. CVB Financial currently boasts a Zacks Rank of #4 (Sell).
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Coastal Financial Corporation (CCB - Free Report) shares ended the last trading session 5% higher at $53.52. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% gain over the past four weeks.
Shares of Coastal Financial have been rallying for the six consecutives trading sessions. The recent 50 basis points interest rate cut by the Federal Reserve has turned investors bullish on bank stocks. As rates go down, loan demand is anticipated to improve alongside a lower deposit cost burden. These indicate enhanced prospects for profitability in the near term. This drove the CCB stock higher.
This company is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of +28%. Revenues are expected to be $156.8 million, up 62% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coastal Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CCB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Coastal Financial is part of the Zacks Banks - West industry. CVB Financial (CVBF - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $18.57. CVBF has returned 5.8% in the past month.
CVB Financial's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.35. Compared to the company's year-ago EPS, this represents a change of -16.7%. CVB Financial currently boasts a Zacks Rank of #4 (Sell).