MetLife Investment Management LLC Trims Stake in Coastal Financial Co. (NASDAQ:CCB)

MetLife Investment Management LLC cut its holdings in Coastal Financial Co. (NASDAQ:CCB) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,081 shares of the company’s stock after selling 490 shares during the quarter. MetLife Investment Management LLC’s holdings in Coastal Financial were worth $328,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CCB. nVerses Capital LLC boosted its stake in shares of Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares during the last quarter. FMR LLC raised its holdings in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after buying an additional 228 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Coastal Financial in the 3rd quarter valued at $119,000. Quest Partners LLC purchased a new stake in shares of Coastal Financial in the 3rd quarter valued at $214,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after buying an additional 4,472 shares during the period. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Coastal Financial

In related news, EVP Jonathan E. Sand sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the completion of the sale, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total transaction of $366,049.26. Following the completion of the sale, the chief executive officer now owns 316,912 shares of the company’s stock, valued at approximately $15,886,798.56. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,921 shares of company stock worth $4,159,029. Company insiders own 16.82% of the company’s stock.

Coastal Financial Price Performance

CCB stock opened at $76.33 on Monday. The business has a 50 day simple moving average of $65.84 and a 200-day simple moving average of $54.48. The company has a market capitalization of $1.03 billion, a P/E ratio of 25.70 and a beta of 1.24. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $79.59. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. The company had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. As a group, equities analysts anticipate that Coastal Financial Co. will post 3.55 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CCB shares. Raymond James boosted their price objective on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price objective on Coastal Financial from $75.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Hovde Group boosted their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

About Coastal Financial

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.