Principal Financial Group Inc. Buys Shares of 6,977 Coastal Financial Co. (NASDAQ:CCB)

Principal Financial Group Inc. bought a new position in shares of Coastal Financial Co. (NASDAQ:CCB - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,977 shares of the company's stock, valued at approximately $377,000. Principal Financial Group Inc. owned 0.05% of Coastal Financial at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Coastal Financial by 188.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,007 shares of the company's stock worth $4,967,000 after purchasing an additional 60,106 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in Coastal Financial in the 3rd quarter worth approximately $2,034,000. Riverwater Partners LLC raised its stake in Coastal Financial by 367.9% during the 3rd quarter. Riverwater Partners LLC now owns 38,670 shares of the company's stock valued at $2,012,000 after acquiring an additional 30,405 shares in the last quarter. American Century Companies Inc. grew its position in Coastal Financial by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 141,203 shares of the company's stock valued at $6,515,000 after buying an additional 26,690 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in shares of Coastal Financial by 79.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 57,357 shares of the company's stock worth $3,097,000 after buying an additional 25,482 shares in the last quarter. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Coastal Financial

In related 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric M. Sprink sold 7,000 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $65.93, for a total value of $461,510.00. Following the sale, the chief executive officer now owns 251,388 shares of the company's stock, valued at approximately $16,574,010.84. This represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,346 shares of company stock worth $2,151,746 over the last 90 days. Company insiders own 16.82% of the company's stock.

Coastal Financial Price Performance

CCB traded up $0.87 during midday trading on Monday, hitting $84.75. The company had a trading volume of 105,559 shares, compared to its average volume of 169,686. The firm's 50-day simple moving average is $76.14 and its 200-day simple moving average is $59.83. Coastal Financial Co. has a twelve month low of $35.67 and a twelve month high of $87.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $1.15 billion, a PE ratio of 28.54 and a beta of 1.22.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Monday, October 28th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The firm had revenue of $185.15 million during the quarter, compared to analysts' expectations of $154.30 million. Coastal Financial had a return on equity of 13.86% and a net margin of 5.98%. Equities research analysts predict that Coastal Financial Co. will post 3.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CCB shares. Keefe, Bruyette & Woods raised their price objective on Coastal Financial from $92.00 to $96.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. Hovde Group boosted their target price on Coastal Financial from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Finally, Raymond James lifted their price objective on shares of Coastal Financial from $61.00 to $73.00 and gave the company a "strong-buy" rating in a research note on Tuesday, October 29th.

Coastal Financial Company 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.