Eric M. Sprink, the CEO of Coastal Financial Corp (NASDAQ:CCB), recently sold a total of 6,897 shares of the company's common stock over three days, from October 14 to October 16, according to a filing with the Securities and Exchange Commission. The shares were sold at prices ranging from $57.67 to $59.19, amounting to a total transaction value of $403,036.
Following these transactions, Sprink holds 282,388 shares of the company directly. Additionally, he maintains indirect ownership of 1,200 shares as a custodian for his children. The stock sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which Sprink adopted on June 12, 2024.
These sales come as part of Sprink's ongoing management of his equity holdings in Coastal Financial, a state commercial bank based in Everett, Washington. The transactions do not include any derivative securities.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Coastal Financial Corp's (NASDAQ:CCB) performance and market position, providing context to CEO Eric M. Sprink's recent stock sales.
As of the latest data, Coastal Financial Corp has a market capitalization of $794.19 million, reflecting its position as a mid-sized player in the banking sector. The company's P/E ratio stands at 20.92, suggesting investors are willing to pay a premium for its earnings potential.
InvestingPro Tips highlight that CCB has been experiencing significant momentum, with a strong return over the last month and trading near its 52-week high. This aligns with the timing of Sprink's stock sales, which occurred at prices between $57.67 and $59.19. The stock's current price is 99.03% of its 52-week high, indicating robust investor confidence.
Despite these positive indicators, it's worth noting that CCB suffers from weak gross profit margins, according to another InvestingPro Tip. This could be a factor for investors to consider when evaluating the company's long-term prospects.
The company's revenue for the last twelve months as of Q2 2024 was $271.68 million, with a revenue growth of 5.88% over the same period. This moderate growth, combined with the company's profitability over the last twelve months, supports the InvestingPro Tip that analysts predict CCB will be profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Coastal Financial Corp, providing a deeper understanding of the company's financial health and market position.
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