Principal Financial Group Inc. Makes New $377,000 Investment in Coastal Financial Co. (NASDAQ:CCB)

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

A number of other hedge funds also recently added to or reduced their stakes in CCB. nVerses Capital LLC increased its stake in shares of Coastal Financial by 300.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the company's stock worth $43,000 after acquiring an additional 600 shares during the period. Quadrature Capital Ltd acquired a new position in Coastal Financial during the 1st quarter worth approximately $207,000. Allspring Global Investments Holdings LLC raised its stake in shares of Coastal Financial by 22,360.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company's stock worth $207,000 after buying an additional 4,472 shares in the last quarter. Creative Planning purchased a new position in shares of Coastal Financial during the 3rd quarter worth approximately $298,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Coastal Financial in the 3rd quarter valued at approximately $324,000. 59.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coastal Financial

In other news, EVP Jonathan E. Sand sold 1,000 shares of Coastal Financial stock in a transaction 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 completion of the sale, the executive vice president now owns 19,611 shares of the company's stock, valued at $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric M. Sprink sold 7,302 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now owns 316,912 shares in the company, valued at $15,886,798.56. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,974 shares of company stock valued at $4,321,616 over the last quarter. Insiders own 16.82% of the company's stock.

Coastal Financial Price Performance

Shares of NASDAQ CCB traded up $1.30 on Monday, hitting $77.99. The company's stock had a trading volume of 79,723 shares, compared to its average volume of 60,924. The stock has a 50 day moving average of $61.40 and a 200-day moving average of $52.45. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 26.26 and a beta of 1.22. Coastal Financial Co. has a 12-month low of $35.67 and a 12-month high of $79.59. 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 - 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. 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 analyst estimates of $154.30 million. As a group, research analysts predict that Coastal Financial Co. will post 3.55 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CCB shares. Hovde Group upped their price objective on Coastal Financial from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price target on Coastal Financial from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Finally, Raymond James raised their price objective on 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 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.