Wellington Management Group LLP Sells 86,513 Shares of Coastal Financial Corporation $CCB

Wellington Management Group LLP cut its position in Coastal Financial Corporation (NASDAQ:CCB) by 19.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 360,919 shares of the company’s stock after selling 86,513 shares during the quarter. Wellington Management Group LLP owned about 2.36% of Coastal Financial worth $27,975,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Ranger Investment Management L.P. bought a new stake in shares of Coastal Financial in the second quarter valued at about $10,766,000. Bank of New York Mellon Corp bought a new position in Coastal Financial during the second quarter worth about $3,013,000. First Bank & Trust raised its stake in Coastal Financial by 5.5% in the 2nd quarter. First Bank & Trust now owns 12,012 shares of the company’s stock worth $931,000 after purchasing an additional 630 shares in the last quarter. Bank of America Corp DE boosted its holdings in Coastal Financial by 71.2% in the 1st quarter. Bank of America Corp DE now owns 86,657 shares of the company’s stock valued at $6,595,000 after purchasing an additional 36,045 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Coastal Financial by 1.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 337,819 shares of the company’s stock valued at $25,708,000 after purchasing an additional 4,611 shares during the period. Institutional investors own 59.24% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CCB. Weiss Ratings downgraded shares of Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Raymond James Financial cut Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price objective for the company. in a report on Friday, July 31st. Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Keefe, Bruyette & Woods cut their price objective on shares of Coastal Financial from $95.00 to $53.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Finally, Zacks Research lowered shares of Coastal Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $91.33.

Insiders Place Their Bets

In other news, Director Steven D. Hovde bought 10,000 shares of the stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $43.83 per share, with a total value of $438,300.00. Following the acquisition, the director directly owned 26,500 shares in the company, valued at approximately $1,161,495. This trade represents a 60.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Sprink purchased 10,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the purchase, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at approximately $7,700,429.10. This represents a 6.13% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 25,290 shares of company stock worth $1,115,894. Insiders own 13.49% of the company’s stock.

Coastal Financial Price Performance

Shares of CCB stock opened at $50.33 on Friday. Coastal Financial Corporation has a twelve month low of $36.61 and a twelve month high of $120.05. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $60.84 and a 200 day simple moving average of $70.68. The company has a market cap of $769.55 million, a P/E ratio of -179.74 and a beta of 0.78.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Thursday, July 30th. The company reported ($2.76) EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($3.77). The company had revenue of $178.07 million during the quarter, compared to the consensus estimate of $148.50 million. Coastal Financial had a negative return on equity of 0.80% and a negative net margin of 0.53%. On average, sell-side analysts forecast that Coastal Financial Corporation will post 1.26 EPS for the current fiscal year.

About Coastal Financial

Coastal Financial Corporation is a bank holding company whose principal subsidiary, Coastal Community Bank, provides a full range of community banking services to clients along North Carolina’s central and eastern coastline. The company focuses on delivering personalized relationship banking to individuals, small businesses, and local professionals in seaside and inland communities.

Through Coastal Community Bank, Coastal Financial offers deposit products including checking, savings, money market accounts and certificates of deposit.