Wellington Management Group LLP Increases Holdings in Coastal Financial Co. (NASDAQ:CCB)

Wellington Management Group LLP raised its holdings in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 1,067.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 456,887 shares of the company's stock after acquiring an additional 417,767 shares during the period. Wellington Management Group LLP owned about 3.37% of Coastal Financial worth $38,794,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its holdings in shares of Coastal Financial by 47.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,322,325 shares of the company's stock worth $112,279,000 after purchasing an additional 423,864 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Coastal Financial by 11.4% in the fourth quarter. Vanguard Group Inc. now owns 685,385 shares of the company's stock worth $58,196,000 after purchasing an additional 70,272 shares during the last quarter. Azora Capital LP bought a new position in shares of Coastal Financial in the fourth quarter worth approximately $33,794,000. The Manufacturers Life Insurance Company grew its holdings in shares of Coastal Financial by 9.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock worth $32,727,000 after purchasing an additional 33,980 shares during the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in shares of Coastal Financial by 38.6% in the fourth quarter. Kennedy Capital Management LLC now owns 299,456 shares of the company's stock worth $25,427,000 after purchasing an additional 83,331 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $79.07, for a total transaction of $126,512.00. Following the completion of the transaction, the director now directly owns 14,006 shares in the company, valued at approximately $1,107,454.42. This represents a 10.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $88.44, for a total value of $276,640.32. Following the sale, the chief financial officer now owns 41,387 shares in the company, valued at $3,660,266.28. The trade was a 7.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 14.10% of the company's stock.

Coastal Financial Stock Performance

Shares of Coastal Financial stock traded down $3.19 during trading hours on Wednesday, reaching $86.03. 20,602 shares of the stock traded hands, compared to its average volume of 95,076. The company has a 50 day moving average price of $85.03 and a 200 day moving average price of $84.62. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 26.47 and a beta of 0.96. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. Coastal Financial Co. has a one year low of $42.64 and a one year high of $102.25.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.30). The company had revenue of $139.54 million for the quarter, compared to the consensus estimate of $158.65 million. Coastal Financial had a net margin of 6.43% and a return on equity of 14.98%. On average, equities research analysts expect that Coastal Financial Co. will post 4.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Stephens restated an "overweight" rating and issued a $100.00 target price on shares of Coastal Financial in a report on Tuesday, March 18th. Keefe, Bruyette & Woods lowered their price objective on Coastal Financial from $114.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Hovde Group lowered their price target on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, Raymond James reduced their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 30th.

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.