Coastal Financial Corporation (NASDAQ:CCB) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 87.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,303 shares of the company's stock after buying an additional 6,673 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Coastal Financial worth $1,293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Coastal Financial by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 92,959 shares of the company's stock valued at $7,893,000 after buying an additional 952 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Coastal Financial during the 4th quarter worth approximately $532,000. Swiss National Bank increased its holdings in shares of Coastal Financial by 16.6% in the fourth quarter. Swiss National Bank now owns 25,965 shares of the company's stock worth $2,205,000 after purchasing an additional 3,700 shares during the period. Intech Investment Management LLC purchased a new position in Coastal Financial during the fourth quarter worth about $410,000. Finally, American Century Companies Inc. boosted its position in shares of Coastal Financial by 1.0% during the 4th quarter. American Century Companies Inc. now owns 157,238 shares of the company's stock valued at $13,351,000 after acquiring an additional 1,511 shares during the last quarter. Hedge funds and other institutional investors own 59.24% of the company's stock.

Insider Buying and Selling

In other Coastal Financial news, CFO Joel G. Edwards sold 3,128 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $88.44, for a total value of $276,640.32. Following the completion of the sale, the chief financial officer owned 41,387 shares of the company's stock, valued at approximately $3,660,266.28. This trade represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 14.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CCB shares. Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods boosted their target price on shares of Coastal Financial from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Raymond James Financial decreased their price target on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 30th.

Coastal Financial Price Performance

Coastal Financial stock traded down $1.00 during mid-day trading on Tuesday, reaching $101.06. 43,331 shares of the company's stock traded hands, compared to its average volume of 103,266. Coastal Financial Corporation has a 12-month low of $45.92 and a 12-month high of $106.38. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 29.87 and a beta of 0.96. The stock has a 50 day moving average of $91.96 and a two-hundred day moving average of $88.08. The company has a quick ratio of 1.04, a current ratio of 1.06 and a debt-to-equity ratio of 0.11.

Coastal Financial (NASDAQ:CCB - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.30). Coastal Financial had a net margin of 6.94% and a return on equity of 12.53%. The business had revenue of $139.54 million for the quarter, compared to analysts' expectations of $158.65 million. Equities analysts forecast that Coastal Financial Corporation will post 4.59 earnings per share for the current 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.