The Manufacturers Life Insurance Company Has $18.98 Million Stock Holdings in Coastal Financial Co. (NASDAQ:CCB)

The Manufacturers Life Insurance Company decreased its stake in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 351,453 shares of the company's stock after selling 9,833 shares during the period. The Manufacturers Life Insurance Company owned about 2.60% of Coastal Financial worth $18,975,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Coastal Financial by 188.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company's stock worth $4,967,000 after buying an additional 60,106 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Coastal Financial during the 3rd quarter valued at approximately $214,000. Stieven Capital Advisors L.P. lifted its stake in Coastal Financial by 35.7% during the third quarter. Stieven Capital Advisors L.P. now owns 74,113 shares of the company's stock worth $4,001,000 after purchasing an additional 19,500 shares during the last quarter. Empowered Funds LLC boosted its holdings in Coastal Financial by 5.1% in the third quarter. Empowered Funds LLC now owns 11,084 shares of the company's stock worth $598,000 after purchasing an additional 536 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in Coastal Financial in the third quarter worth $296,000. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the business's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the sale, the executive vice president now directly owns 19,611 shares in the company, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric M. Sprink sold 3,223 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $50.44, for a total transaction of $162,568.12. Following the sale, the chief executive officer now directly owns 313,689 shares of the company's stock, valued at approximately $15,822,473.16. This represents a 1.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 72,921 shares of company stock valued at $4,159,029 in the last three months. 16.82% of the stock is currently owned by corporate insiders.

Coastal Financial Stock Performance

Shares of CCB traded down $0.68 during midday trading on Friday, hitting $76.55. 38,095 shares of the stock traded hands, compared to its average volume of 81,664. The business's 50 day moving average price is $63.42 and its two-hundred day moving average price is $53.32. The firm has a market capitalization of $1.04 billion, a PE ratio of 25.77 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. Coastal Financial Co. has a 1-year low of $35.67 and a 1-year high of $79.59.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) 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 firm had revenue of $185.15 million during the quarter, compared to analyst estimates of $154.30 million. Equities research analysts predict that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CCB shares. Keefe, Bruyette & Woods raised their price target on shares of Coastal Financial from $70.00 to $75.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Hovde Group increased their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Finally, Raymond James lifted their target price on Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a research note on Tuesday, October 29th.

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.