Principal Financial Group Inc. Takes Position in Coastal Financial Co. (NASDAQ:CCB)

Principal Financial Group Inc. purchased a new position in shares of Coastal Financial Co. (NASDAQ:CCBFree Report) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 6,977 shares of the company’s stock, valued at approximately $377,000.

A number of other large investors have also bought and sold shares of the stock. Point72 DIFC Ltd bought a new stake in shares of Coastal Financial in the 3rd quarter worth approximately $31,000. nVerses Capital LLC raised its stake in Coastal Financial by 300.0% in the third quarter. nVerses Capital LLC now owns 800 shares of the company’s stock worth $43,000 after buying an additional 600 shares in the last quarter. FMR LLC boosted its position in shares of Coastal Financial by 21.0% during the third quarter. FMR LLC now owns 1,316 shares of the company’s stock valued at $71,000 after purchasing an additional 228 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Coastal Financial in the third quarter worth $119,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Coastal Financial by 190.1% in the third 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 in the last quarter. 59.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Eric M. Sprink sold 3,482 shares of Coastal Financial stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.14, for a total value of $247,709.48. Following the sale, the chief executive officer now directly owns 244,906 shares of the company’s stock, valued at approximately $17,422,612.84. The trade was a 1.40 % decrease in their ownership of the stock. 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 stock in a transaction that occurred 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 directly owns 19,611 shares of the company’s stock, valued at approximately $1,454,155.65. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,346 shares of company stock worth $2,151,746. Company insiders own 16.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Raymond James boosted their target price on shares of Coastal Financial from $61.00 to $73.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price target on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Hovde Group boosted their price objective on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Get Our Latest Stock Report on Coastal Financial

Coastal Financial Stock Down 1.0 %

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 firm’s 50 day simple moving average is $76.14 and its two-hundred day simple moving average is $59.83. 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 company has a market capitalization of $1.14 billion, a PE ratio of 28.24 and a beta of 1.24.

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

About Coastal Financial

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coastal Financial Co. (NASDAQ:CCBFree Report).

Institutional Ownership by Quarter for Coastal Financial (NASDAQ:CCB)

Receive News & Ratings for Coastal Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coastal Financial and related companies with MarketBeat.com's FREE daily email newsletter.