The Manufacturers Life Insurance Company Sells 9,833 Shares of Coastal Financial Co. (NASDAQ:CCB)

The Manufacturers Life Insurance Company decreased its position in Coastal Financial Co. (NASDAQ:CCB) by 2.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 351,453 shares of the company’s stock after selling 9,833 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Coastal Financial were worth $18,975,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. nVerses Capital LLC boosted its position 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. Quest Partners LLC bought a new stake in Coastal Financial in the third quarter worth $214,000. Allspring Global Investments Holdings LLC grew its stake in shares of Coastal Financial by 22,360.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock worth $207,000 after acquiring an additional 4,472 shares during the last quarter. Portside Wealth Group LLC raised its position in shares of Coastal Financial by 3.7% in the 3rd quarter. Portside Wealth Group LLC now owns 4,669 shares of the company’s stock worth $252,000 after purchasing an additional 166 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Coastal Financial in the 3rd quarter worth about $296,000. Hedge funds and other institutional investors own 59.24% of the company’s stock.

Coastal Financial Price Performance

CCB opened at $76.55 on Friday. The company’s 50-day simple moving average is $63.42 and its two-hundred day simple moving average is $53.26. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $1.04 billion, a P/E ratio of 25.77 and a beta of 1.22. 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 earnings per share 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 the consensus estimate of $154.30 million. As a group, analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CCB. Hovde Group raised their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James boosted their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased 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.

Insider Activity

In other news, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total transaction of $74,150.00. Following the completion of the sale, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric M. Sprink sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $70.95, for a total transaction of $141,900.00. Following the completion of the transaction, the chief executive officer now directly owns 240,388 shares in the company, valued at approximately $17,055,528.60. The trade was a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,921 shares of company stock valued at $4,159,029 in the last ninety days. 16.82% of the stock is currently owned by company insiders.

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.