The Manufacturers Life Insurance Company Lowers Holdings in Coastal Financial Corporation $CCB

The Manufacturers Life Insurance Company reduced its position in Coastal Financial Corporation (NASDAQ:CCB) by 0.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 383,632 shares of the company’s stock after selling 1,801 shares during the period. The Manufacturers Life Insurance Company’s holdings in Coastal Financial were worth $34,684,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its position in shares of Coastal Financial by 179.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 718 shares of the company’s stock worth $61,000 after buying an additional 461 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Coastal Financial in the fourth quarter worth about $172,000. AlphaQuest LLC purchased a new stake in shares of Coastal Financial in the first quarter worth about $188,000. Mariner LLC purchased a new stake in shares of Coastal Financial in the fourth quarter worth about $246,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Coastal Financial in the fourth quarter worth about $272,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CCB. Keefe, Bruyette & Woods boosted their target price on Coastal Financial from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, July 11th. Hovde Group set a $126.00 target price on Coastal Financial in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $110.25.

Coastal Financial Price Performance

Shares of Coastal Financial stock opened at $114.50 on Monday. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 35.23 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.06. The stock has a 50 day moving average price of $101.83 and a 200-day moving average price of $91.74. Coastal Financial Corporation has a one year low of $47.90 and a one year high of $116.48.

Coastal Financial (NASDAQ:CCB) last announced its earnings results on Tuesday, July 29th. The company reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.16). The company had revenue of $119.43 million during the quarter, compared to analysts’ expectations of $158.05 million. Coastal Financial had a return on equity of 11.31% and a net margin of 7.02%. Equities analysts expect that Coastal Financial Corporation will post 4.59 EPS for the current year.

Coastal Financial 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.