The Manufacturers Life Insurance Company Trims Holdings in Coastal Financial Co. (NASDAQ:CCB)

The Manufacturers Life Insurance Company trimmed its position in shares of Coastal Financial Co. (NASDAQ:CCBFree Report) by 5.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 532,237 shares of the company’s stock after selling 28,305 shares during the period. The Manufacturers Life Insurance Company owned approximately 4.00% of Coastal Financial worth $23,637,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CCB. SG Americas Securities LLC raised its holdings in Coastal Financial by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 3,978 shares of the company’s stock valued at $177,000 after acquiring an additional 1,489 shares in the last quarter. Cox Capital Mgt LLC increased its holdings in shares of Coastal Financial by 79.8% in the 4th quarter. Cox Capital Mgt LLC now owns 35,454 shares of the company’s stock valued at $1,575,000 after acquiring an additional 15,730 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Coastal Financial by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 577,945 shares of the company’s stock worth $24,800,000 after acquiring an additional 9,244 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in Coastal Financial by 17.2% during the third quarter. Kennedy Capital Management LLC now owns 263,688 shares of the company’s stock worth $11,315,000 after purchasing an additional 38,632 shares during the last quarter. Finally, Corton Capital Inc. acquired a new position in Coastal Financial in the third quarter valued at approximately $214,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Stock Down 0.6 %

Coastal Financial stock opened at $44.26 on Friday. The company has a market capitalization of $593.92 million, a P/E ratio of 15.48 and a beta of 1.21. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a fifty-two week low of $35.67 and a fifty-two week high of $48.50. The stock has a 50-day simple moving average of $41.57 and a 200-day simple moving average of $40.90.

Coastal Financial (NASDAQ:CCBGet Free Report) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.11). The firm had revenue of $147.89 million during the quarter, compared to analysts’ expectations of $121.10 million. Coastal Financial had a net margin of 6.55% and a return on equity of 14.31%. Equities research analysts expect that Coastal Financial Co. will post 3.34 earnings per share for the current year.

Insider Buying and Selling

In other Coastal Financial news, CFO Joel G. Edwards sold 1,034 shares of Coastal Financial stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $44.45, for a total value of $45,961.30. Following the transaction, the chief financial officer now directly owns 56,369 shares in the company, valued at approximately $2,505,602.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 16.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Hovde Group lowered their target price on shares of Coastal Financial from $57.50 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 3rd.

Read Our Latest Report on CCB

About Coastal Financial

(Free Report)

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.

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Institutional Ownership by Quarter for Coastal Financial (NASDAQ:CCB)

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