The Manufacturers Life Insurance Company Lowers Stake in Coastal Financial Co. (NASDAQ:CCB)

The Manufacturers Life Insurance Company cut its stake in Coastal Financial Co. (NASDAQ:CCB) by 2.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 351,453 shares of the company’s stock after selling 9,833 shares during the period. The Manufacturers Life Insurance Company owned about 2.60% of Coastal Financial worth $18,975,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CCB. nVerses Capital LLC boosted its holdings in shares of Coastal Financial by 300.0% in the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after purchasing an additional 600 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in 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 worth $207,000 after buying an additional 4,472 shares during the last quarter. Quest Partners LLC purchased a new stake in Coastal Financial in the third quarter worth approximately $214,000. Portside Wealth Group LLC grew its position in Coastal Financial by 3.7% during the third quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock valued at $252,000 after acquiring an additional 166 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Coastal Financial during the third quarter worth approximately $296,000. Institutional investors own 59.24% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Eric M. Sprink sold 7,302 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.13, for a total value 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 $15,886,798.56. This trade represents a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven D. Hovde sold 2,050 shares of Coastal Financial stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $53.51, for a total transaction of $109,695.50. Following the completion of the sale, the director now owns 21,950 shares in the company, valued at approximately $1,174,544.50. This trade represents a 8.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,921 shares of company stock worth $4,159,029. 16.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CCB shares. Raymond James upped their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Hovde Group raised their price objective on Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th.

Coastal Financial Stock Down 0.9 %

Shares of NASDAQ CCB opened at $76.55 on Friday. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 25.77 and a beta of 1.22. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $63.42 and its 200 day moving average is $53.26. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $79.59.

Coastal Financial (NASDAQ:CCB) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $185.15 million during the quarter, compared to the consensus estimate of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. On average, equities research analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Coastal Financial Company Profile

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.