Coastal Financial Corporation $CCB Position Lessened by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Coastal Financial Corporation by 2.3% to approximately 446,213 shares, valued at around $40.3 million.
• A variety of institutional investors have adjusted their positions in Coastal Financial, with 59.24% of the company's stock held by hedge funds and other institutions.
• Coastal Financial reported $0.71 EPS for the last quarter, missing estimates by ($0.16), and had a revenue of $119.43 million, below the expected $158.05 million.

Wellington Management Group LLP lessened its stake in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 2.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 446,213 shares of the company's stock after selling 10,674 shares during the period. Wellington Management Group LLP owned about 2.97% of Coastal Financial worth $40,342,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Coastal Financial by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 739,322 shares of the company's stock valued at $66,842,000 after acquiring an additional 53,937 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in shares of Coastal Financial by 400.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 449,113 shares of the company's stock valued at $40,604,000 after acquiring an additional 359,371 shares during the last quarter. Azora Capital LP acquired a new stake in shares of Coastal Financial during the 4th quarter valued at $33,794,000. The Manufacturers Life Insurance Company lifted its position in shares of Coastal Financial by 9.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 385,433 shares of the company's stock valued at $32,727,000 after acquiring an additional 33,980 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Coastal Financial by 31.3% during the 1st quarter. American Century Companies Inc. now owns 206,433 shares of the company's stock valued at $18,664,000 after acquiring an additional 49,195 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company's stock.

Coastal Financial Stock Up 0.2%

Shares of NASDAQ:CCB traded up $0.20 during midday trading on Friday, hitting $114.50. 81,622 shares of the stock were exchanged, compared to its average volume of 146,037. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. Coastal Financial Corporation has a 52-week low of $47.90 and a 52-week high of $116.48. The business's fifty day simple moving average is $101.83 and its two-hundred day simple moving average is $91.70. The company has a market capitalization of $1.73 billion, a PE ratio of 35.23 and a beta of 1.01.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.16). Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%.The firm had revenue of $119.43 million for the quarter, compared to analysts' expectations of $158.05 million. As a group, research analysts predict that Coastal Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Hovde Group set a $126.00 target price on Coastal Financial in a report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $110.25.

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.