Coastal Financial Corporation (NASDAQ:CCB) Stock Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in Coastal Financial Corporation (NASDAQ:CCB - Free Report) by 87.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,303 shares of the company's stock after buying an additional 6,673 shares during the period. Principal Financial Group Inc. owned approximately 0.10% of Coastal Financial worth $1,293,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in shares of Coastal Financial by 8.2% in the first quarter. Rhumbline Advisers now owns 16,700 shares of the company's stock valued at $1,510,000 after acquiring an additional 1,262 shares in the last quarter. GAMMA Investing LLC grew its position in Coastal Financial by 50,271.4% during the first quarter. GAMMA Investing LLC now owns 3,526 shares of the company's stock worth $319,000 after buying an additional 3,519 shares during the period. Legal & General Group Plc grew its position in Coastal Financial by 9.2% during the fourth quarter. Legal & General Group Plc now owns 11,643 shares of the company's stock worth $989,000 after buying an additional 984 shares during the period. Bank of America Corp DE grew its position in Coastal Financial by 9.7% during the fourth quarter. Bank of America Corp DE now owns 16,742 shares of the company's stock worth $1,422,000 after buying an additional 1,478 shares during the period. Finally, Swiss National Bank grew its position in Coastal Financial by 16.6% during the fourth quarter. Swiss National Bank now owns 25,965 shares of the company's stock worth $2,205,000 after buying an additional 3,700 shares during the period. Hedge funds and other institutional investors own 59.24% of the company's stock.

Coastal Financial Stock Up 0.3%

Shares of NASDAQ:CCB traded up $0.35 during midday trading on Wednesday, hitting $101.46. 74,798 shares of the company's stock traded hands, compared to its average volume of 103,590. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.04 and a current ratio of 1.06. The company has a market cap of $1.52 billion, a PE ratio of 30.02 and a beta of 0.96. The firm's fifty day moving average price is $92.55 and its two-hundred day moving average price is $88.30. Coastal Financial Corporation has a twelve month low of $45.92 and a twelve month high of $106.38.

Coastal Financial (NASDAQ:CCB - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.63 earnings per share 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 analyst estimates of $158.65 million. On average, equities research analysts anticipate that Coastal Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CCB. Raymond James Financial reduced their price target on shares of Coastal Financial from $105.00 to $100.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 30th. Keefe, Bruyette & Woods lifted their price objective on Coastal Financial from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, July 11th. Finally, Hovde Group cut their price objective on Coastal Financial from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th.

Insider Buying and Selling at Coastal Financial

In related news, CFO Joel G. Edwards sold 3,128 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $88.44, for a total transaction of $276,640.32. Following the sale, the chief financial officer owned 41,387 shares in the company, valued at $3,660,266.28. This represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 14.10% of the company's stock.

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.