MetLife Investment Management LLC Reduces Holdings in Coastal Financial Co. (NASDAQ:CCB)

MetLife Investment Management LLC trimmed its holdings in shares of Coastal Financial Co. (NASDAQ:CCB) by 7.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,081 shares of the company’s stock after selling 490 shares during the period. MetLife Investment Management LLC’s holdings in Coastal Financial were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CCB. Principal Financial Group Inc. purchased a new stake in Coastal Financial in the 3rd quarter worth approximately $377,000. Rosenthal Henry Capital Advisors Inc. grew its stake in Coastal Financial by 214.0% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 30,116 shares of the company’s stock worth $1,626,000 after acquiring an additional 20,525 shares during the period. Riverwater Partners LLC grew its stake in Coastal Financial by 367.9% in the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company’s stock worth $2,012,000 after acquiring an additional 30,405 shares during the period. Envestnet Asset Management Inc. grew its stake in Coastal Financial by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,061 shares of the company’s stock worth $2,679,000 after acquiring an additional 1,956 shares during the period. Finally, Empowered Funds LLC grew its stake in Coastal Financial by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 11,084 shares of the company’s stock worth $598,000 after acquiring an additional 536 shares during the period. 59.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Coastal Financial from $75.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Hovde Group lifted their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James lifted their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th.

Insider Activity at Coastal Financial

In other Coastal Financial news, EVP Jonathan E. Sand sold 1,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $74.15, for a total value of $74,150.00. Following the transaction, the executive vice president now owns 19,611 shares in the company, valued at $1,454,155.65. The trade was a 4.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Eric M. Sprink sold 2,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $70.95, for a total transaction of $141,900.00. Following the completion of the transaction, the chief executive officer now owns 240,388 shares in the company, valued at $17,055,528.60. This represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,921 shares of company stock worth $4,159,029. 16.82% of the stock is currently owned by corporate insiders.

Coastal Financial Stock Down 1.0 %

Shares of CCB opened at $76.33 on Monday. The firm has a market cap of $1.03 billion, a PE ratio of 25.70 and a beta of 1.24. The company’s fifty day moving average is $65.84 and its two-hundred day moving average is $54.48. Coastal Financial Co. has a fifty-two week low of $35.67 and a fifty-two week high of $79.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Coastal Financial (NASDAQ:CCB) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.01. The business had revenue of $185.15 million for the quarter, compared to analyst estimates of $154.30 million. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%. Analysts forecast that Coastal Financial Co. will post 3.55 earnings per share for the current year.

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.