The Manufacturers Life Insurance Company Increases Holdings in Coastal Financial Co. (NASDAQ:CCB)

The Manufacturers Life Insurance Company lifted its holdings in Coastal Financial Co. (NASDAQ:CCB - Free Report) by 9.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 385,433 shares of the company's stock after buying an additional 33,980 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 2.85% of Coastal Financial worth $32,727,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Barclays PLC boosted its stake in Coastal Financial by 60.0% during the 3rd quarter. Barclays PLC now owns 31,804 shares of the company's stock valued at $1,719,000 after purchasing an additional 11,922 shares in the last quarter. Principal Financial Group Inc. acquired a new position in Coastal Financial during the third quarter worth about $377,000. JPMorgan Chase & Co. boosted its position in shares of Coastal Financial by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,081 shares of the company's stock valued at $6,321,000 after purchasing an additional 33,964 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Coastal Financial during the fourth quarter worth approximately $339,000. Finally, Cox Capital Mgt LLC grew its position in Coastal Financial by 44.2% in the fourth quarter. Cox Capital Mgt LLC now owns 48,614 shares of the company's stock worth $4,128,000 after buying an additional 14,905 shares during the last quarter. Institutional investors own 59.24% of the company's stock.

Analyst Upgrades and Downgrades

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

Coastal Financial Stock Performance

Shares of CCB traded up $0.60 during mid-day trading on Wednesday, reaching $80.08. The company's stock had a trading volume of 15,818 shares, compared to its average volume of 92,292. Coastal Financial Co. has a 1-year low of $41.20 and a 1-year high of $102.25. The stock has a market cap of $1.20 billion, a P/E ratio of 24.62 and a beta of 0.94. The business has a 50-day simple moving average of $85.19 and a two-hundred day simple moving average of $81.73. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

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

Insider Transactions at Coastal Financial

In related news, Director Gregory A. Tisdel sold 1,600 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $79.07, for a total value of $126,512.00. Following the completion of the sale, the director now directly owns 14,006 shares of the company's stock, valued at approximately $1,107,454.42. This represents a 10.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 16.82% of the stock is owned by corporate insiders.

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.