Coastal Financial Corp's (NASDAQ:CCB) Chief Financial Officer, Joel G. Edwards, has sold a substantial amount of the company's stock, according to recent filings. The transactions, which occurred on May 23 and May 24, involved the sale of a total of 12,414 shares, with the combined proceeds exceeding $539,000.
On the first day, Edwards sold 1,034 shares at a price of $44.45 each. The following day, a larger transaction took place with 11,380 shares being sold at a slightly lower price of $43.41 per share. These sales have adjusted Edwards' direct holdings in the company, though he still retains a significant number of shares.
The filings also noted that Edwards' remaining ownership includes 14,116 time-based restricted stock units (RSUs) under the Coastal Financial Corporation 2018 Omnibus Incentive Plan. These RSUs are set to vest in various installments over the coming periods, which indicates a continued vested interest in the company's performance.
Investors often monitor the trading activities of insiders such as CFOs for insights into the company's financial health and future performance. Coastal Financial Corp, headquartered in Everett, Washington, is a state commercial bank that serves its community through a variety of financial services.
InvestingPro Insights
Coastal Financial Corp (NASDAQ:CCB) has recently been under the investor microscope following the insider sale of shares by CFO Joel G. Edwards. To provide a broader perspective on the company's financial standing, InvestingPro metrics and tips offer additional insights.
The company's market capitalization stands at $595.29 million, reflecting its valuation in the market as of the last twelve months up to Q1 2024. Coastal Financial Corp's price-to-earnings (P/E) ratio, a key metric for valuation, is currently 15.03, with a slight adjustment to 15.27 when considering the latest twelve-month period. This suggests a relatively moderate valuation in comparison to earnings. Furthermore, the company's revenue growth has been positive, with an 11.44% increase over the last twelve months as of Q1 2024, and a 7.71% quarterly revenue growth in Q1 2024, signaling a steady financial expansion.
Despite the recent insider sales, InvestingPro Tips highlight some optimistic forecasts for Coastal Financial Corp. Analysts predict the company will be profitable this year, a sentiment supported by the fact that the company has been profitable over the last twelve months. Additionally, Coastal Financial Corp has shown a strong return over the last five years. However, it's worth noting that the company does not pay a dividend to shareholders, which might be a consideration for income-focused investors.
For those seeking deeper analysis and more InvestingPro Tips, Coastal Financial Corp currently has 5 additional tips available at Investing.com/pro/CCB. To access these tips and gain comprehensive insights into Coastal Financial Corp's financial outlook, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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