Coastal Financial Corp (NASDAQ:CCB) CEO Eric M. Sprink has sold a total of $668,870 worth of company stock, according to recent SEC filings. The transactions occurred over a series of days, with shares sold at prices ranging from $49.04 to $49.20.
On September 11, Sprink sold 11,401 shares at $49.04 each. The following day, an additional 2,231 shares were sold at $49.20 per share. These sales were executed under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a specific time or price, providing a defense against claims of insider trading.
In addition to the sales, the filings also reveal that on September 13, Sprink acquired 13,632 shares through stock option exercises at a price of $7.20 per share, totaling $98,150. These options were granted as part of the Coastal Financial Corp. 2006 Stock Option and Equity Compensation Plan and vested in ten approximately equal installments starting July 1, 2016.
The SEC filings note that Sprink's post-transaction holdings include time-based and performance-based restricted stock units (RSUs) under the Coastal Financial Corporation 2018 Omnibus Incentive Plan. These RSUs are set to vest in future installments, dependent on the achievement of specific performance goals and continued service.
Investors and market watchers often monitor insider transactions for insights into a company's health and the confidence that executives have in their firm's prospects. Coastal Financial Corp's stock activity by CEO Sprink provides a glimpse into the executive's recent financial moves within the company.
InvestingPro Insights
As Coastal Financial Corp (NASDAQ:CCB) navigates the financial market, recent data from InvestingPro sheds light on the company's performance and potential. With a market capitalization of $674.97 million and a Price/Earnings (P/E) ratio of 17.69, Coastal Financial Corp stands as a notable player in its industry. The company's profitability over the last twelve months, as indicated by an adjusted P/E ratio of 17.91, reinforces the analysts' predictions that Coastal Financial Corp will remain profitable this year, aligning with the CEO's confidence as reflected in his stock transactions.
The company's revenue has seen a growth of 5.88% over the last twelve months as of Q2 2024, which is a positive sign for investors looking for steady growth. Additionally, Coastal Financial Corp has experienced a significant price uptick, with a 34.29% total return over the last six months. This robust performance is further evidenced by a strong return of 16.34% over the past year, suggesting a healthy trajectory for the company's stock value.
InvestingPro Tips for Coastal Financial Corp highlight a few areas of interest. While the company does not pay dividends, which may be a consideration for income-focused investors, its strong return over the last five years and recent price performance could be appealing for growth-oriented shareholders. Furthermore, there are additional InvestingPro Tips available for those interested in a deeper analysis of Coastal Financial Corp, providing valuable insights for a well-rounded investment decision.
For investors seeking further guidance, there are a total of 6 InvestingPro Tips listed on the InvestingPro platform for Coastal Financial Corp, which can offer more nuanced perspectives on the company's financial health and stock performance.
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