6,977 Shares in Coastal Financial Co. (NASDAQ:CCB) Bought by Principal Financial Group Inc.

Principal Financial Group Inc. bought a new stake in Coastal Financial Co. (NASDAQ:CCB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CCB. Bank of New York Mellon Corp grew its holdings in shares of Coastal Financial by 11.6% during the second quarter. Bank of New York Mellon Corp now owns 48,794 shares of the company’s stock worth $2,251,000 after purchasing an additional 5,053 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Coastal Financial by 22,360.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,492 shares of the company’s stock valued at $207,000 after acquiring an additional 4,472 shares during the period. Rhumbline Advisers raised its stake in shares of Coastal Financial by 10.6% during the second quarter. Rhumbline Advisers now owns 15,981 shares of the company’s stock valued at $737,000 after acquiring an additional 1,535 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Coastal Financial by 23.3% during the second quarter. American Century Companies Inc. now owns 141,203 shares of the company’s stock worth $6,515,000 after purchasing an additional 26,690 shares during the period. Finally, Parallel Advisors LLC grew its stake in shares of Coastal Financial by 2.9% in the second quarter. Parallel Advisors LLC now owns 8,005 shares of the company’s stock worth $369,000 after purchasing an additional 227 shares during the last quarter. 59.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insider Activity at Coastal Financial

In related news, CEO Eric M. Sprink sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $59.19, for a total value of $59,190.00. Following the sale, the chief executive officer now directly owns 282,388 shares of the company’s stock, valued at $16,714,545.72. This trade represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 34,346 shares of company stock worth $2,151,746. Company insiders own 16.82% of the company’s stock.

Coastal Financial Price Performance

CCB opened at $83.88 on Monday. Coastal Financial Co. has a 1 year low of $35.67 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 28.24 and a beta of 1.24. The firm’s fifty day moving average price is $76.14 and its two-hundred day moving average price is $59.83.

Coastal Financial (NASDAQ:CCB) last released its earnings results on Monday, October 28th. The company reported $0.97 earnings per share 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 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 anticipate that Coastal Financial Co. will post 3.55 earnings per share for the current fiscal 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.