Wellington Management Group LLP Sells 10,674 Shares of Coastal Financial Corporation $CCB

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% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of CCB. Tower Research Capital LLC TRC raised its stake in Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company's stock valued at $61,000 after buying an additional 461 shares during the period. Ameriflex Group Inc. bought a new stake in Coastal Financial in the fourth quarter valued at approximately $172,000. Mariner LLC bought a new stake in Coastal Financial in the fourth quarter valued at approximately $246,000. ProShare Advisors LLC bought a new stake in Coastal Financial in the fourth quarter valued at approximately $272,000. Finally, GAMMA Investing LLC raised its stake in Coastal Financial by 50,271.4% in the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock valued at $319,000 after buying an additional 3,519 shares during the period. Institutional investors own 59.24% of the company's stock.

Analyst Upgrades and Downgrades

CCB has been the topic of several research analyst reports. Raymond James Financial dropped their price objective on Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods increased their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, July 11th. Finally, Hovde Group set a $126.00 target price on Coastal Financial in a research note on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, Coastal Financial has an average rating of "Buy" and an average target price of $110.25.

Coastal Financial Price Performance

Shares of CCB stock traded up $3.10 during trading hours on Tuesday, reaching $115.50. The company's stock had a trading volume of 169,222 shares, compared to its average volume of 155,251. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.10. Coastal Financial Corporation has a fifty-two week low of $47.90 and a fifty-two week high of $116.48. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of 35.54 and a beta of 1.01. The firm's 50 day simple moving average is $100.02 and its 200-day simple moving average is $91.18.

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

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.