MML Investors Services LLC Cuts Stake in Coastal Financial Co. (NASDAQ:CCB)

MML Investors Services LLC lessened its holdings in Coastal Financial Co. (NASDAQ:CCB) by 6.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,278 shares of the company’s stock after selling 291 shares during the quarter. MML Investors Services LLC’s holdings in Coastal Financial were worth $231,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CCB. Point72 DIFC Ltd purchased a new stake in shares of Coastal Financial during the third quarter worth approximately $31,000. nVerses Capital LLC grew its holdings in Coastal Financial by 300.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after acquiring an additional 600 shares in the last quarter. FMR LLC increased its position in shares of Coastal Financial by 21.0% in the 3rd quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Coastal Financial by 190.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,081 shares of the company’s stock worth $166,000 after purchasing an additional 2,019 shares during the last quarter. Institutional investors and hedge funds own 59.24% of the company’s stock.

Insider Activity

In other Coastal Financial news, CEO Eric M. Sprink sold 5,000 shares of Coastal Financial stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $52.01, for a total value of $260,050.00. Following the transaction, the chief executive officer now directly owns 305,285 shares in the company, valued at approximately $15,877,872.85. This trade represents a 1.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan E. Sand sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $74.15, for a total value of $74,150.00. Following the sale, the executive vice president now owns 19,611 shares of the company’s stock, valued at $1,454,155.65. This trade represents a 4.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,346 shares of company stock valued at $2,947,336 in the last ninety days. 16.82% of the stock is currently owned by company insiders.

Coastal Financial Stock Performance

NASDAQ CCB opened at $84.60 on Friday. The company has a fifty day moving average of $73.12 and a two-hundred day moving average of $57.91. The company has a market capitalization of $1.15 billion, a PE ratio of 28.48 and a beta of 1.24. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $86.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Coastal Financial (NASDAQ:CCB) last released its quarterly earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. The firm had revenue of $185.15 million for the quarter, compared to the consensus estimate of $154.30 million. As a group, analysts expect that Coastal Financial Co. will post 3.55 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on CCB. Keefe, Bruyette & Woods increased their target price on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Hovde Group raised their target price on Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Raymond James upped their price target on Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report 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.