Principal Financial Group Inc. Acquires New Stake in Coastal Financial Co. (NASDAQ:CCB)

Principal Financial Group Inc. bought a new stake in Coastal Financial Co. (NASDAQ:CCB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,977 shares of the company’s stock, valued at approximately $377,000. Principal Financial Group Inc. owned about 0.05% of Coastal Financial at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Coastal Financial by 0.9% in the first quarter. Vanguard Group Inc. now owns 598,601 shares of the company’s stock valued at $23,268,000 after buying an additional 5,592 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Coastal Financial in the 1st quarter valued at $207,000. Kennedy Capital Management LLC lifted its stake in shares of Coastal Financial by 3.1% during the 1st quarter. Kennedy Capital Management LLC now owns 275,383 shares of the company’s stock worth $10,704,000 after purchasing an additional 8,230 shares during the period. Riverwater Partners LLC boosted its holdings in shares of Coastal Financial by 6.4% during the second quarter. Riverwater Partners LLC now owns 8,265 shares of the company’s stock worth $381,000 after purchasing an additional 494 shares during the last quarter. Finally, Arcus Capital Partners LLC purchased a new stake in shares of Coastal Financial in the second quarter valued at $378,000. 59.24% of the stock is currently owned by hedge funds and other institutional investors.

Coastal Financial Price Performance

Shares of CCB opened at $76.69 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 25.82 and a beta of 1.22. Coastal Financial Co. has a 52 week low of $35.67 and a 52 week high of $77.00. The stock has a 50 day moving average of $60.84 and a 200-day moving average of $52.20.

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

Insider Activity at Coastal Financial

In other news, Director Steven D. Hovde sold 1,556 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $53.50, for a total value of $83,246.00. Following the completion of the sale, the director now owns 24,000 shares in the company, valued at $1,284,000. This represents a 6.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Sprink sold 7,302 shares of Coastal Financial stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.13, for a total value of $366,049.26. Following the transaction, the chief executive officer now directly owns 316,912 shares in the company, valued at approximately $15,886,798.56. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,974 shares of company stock valued at $4,321,616 over the last 90 days. 16.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CCB. Hovde Group upped their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James increased their price target on shares of Coastal Financial from $61.00 to $73.00 and gave the stock 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.