Wellington Management Group LLP Has $27.98 Million Position in Coastal Financial Corporation $CCB

Wellington Management Group LLP decreased its stake in Coastal Financial Corporation (NASDAQ:CCB) by 19.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 360,919 shares of the company’s stock after selling 86,513 shares during the period. Wellington Management Group LLP’s holdings in Coastal Financial were worth $27,975,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CCB. EverSource Wealth Advisors LLC boosted its holdings in Coastal Financial by 129.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $34,000 after acquiring an additional 169 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Coastal Financial in the 4th quarter valued at $50,000. Smartleaf Asset Management LLC raised its stake in Coastal Financial by 20,700.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 624 shares of the company’s stock worth $72,000 after buying an additional 621 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Coastal Financial by 229.5% in the second quarter. Russell Investments Group Ltd. now owns 827 shares of the company’s stock valued at $80,000 after buying an additional 576 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in Coastal Financial by 521.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the company’s stock valued at $122,000 after buying an additional 1,059 shares during the period. 59.24% of the stock is currently owned by institutional investors.

Coastal Financial Trading Up 2.3%

NASDAQ CCB opened at $50.33 on Friday. The company has a market cap of $769.55 million, a price-to-earnings ratio of -179.74 and a beta of 0.78. Coastal Financial Corporation has a 52 week low of $36.61 and a 52 week high of $120.05. The business has a 50 day moving average price of $60.84 and a 200-day moving average price of $70.68. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.10.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CCB. Weiss Ratings lowered Coastal Financial from a “hold (c)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. Zacks Research cut Coastal Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. TD Cowen lowered their target price on Coastal Financial from $110.00 to $47.00 and set a “buy” rating for the company in a report on Friday, July 31st. Raymond James Financial lowered Coastal Financial from a “strong-buy” rating to an “outperform” rating and set a $50.00 price target on the stock. in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded Coastal Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $91.33.

Insider Buying and Selling at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink acquired 10,000 shares of Coastal Financial stock in a transaction dated Thursday, August 6th. The stock was purchased at an average cost of $44.45 per share, for a total transaction of $444,500.00. Following the completion of the acquisition, the chief executive officer directly owned 173,238 shares of the company’s stock, valued at $7,700,429.10. This represents a 6.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven D. Hovde bought 10,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were acquired at an average cost of $43.83 per share, with a total value of $438,300.00. Following the completion of the transaction, the director owned 26,500 shares of the company’s stock, valued at $1,161,495. This represents a 60.61% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 25,290 shares of company stock worth $1,115,894. Corporate insiders own 13.49% of the company’s stock.

Coastal Financial Company Profile

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.