Coastal Financial Corp (NASDAQ:CCB) executive, EVP and Chief Risk Officer Andrew G. Stines, sold 179 shares of company stock on May 6, according to a recent SEC filing. The shares were sold at a price of $41.47 each, totaling approximately $7,423.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. Notably, the shares sold by Stines were to cover tax liabilities associated with the vesting of Restricted Stock Awards (RSAs), as indicated in the footnotes of the filing.
Following this transaction, Stines still holds a substantial number of shares in the company. The filing includes footnotes that detail Stines' remaining equity stake, which includes 7,250 time-based restricted stock units (RSUs) under the Coastal Financial Corporation 2018 Omnibus Incentive Plan. These RSUs are set to vest in varying annual installments over the coming years, granting Stines rights to additional shares of common stock upon vesting.
Investors often monitor insider transactions as they can provide insights into how executives view the company's stock and its prospects. The sale by Coastal Financial's EVP is a transaction of interest, reflecting a decision to liquidate a portion of holdings for tax obligations.
Coastal Financial Corp, based in Everett, Washington, operates as a state commercial bank. The company's stock is traded on the NASDAQ under the ticker symbol CCB.
InvestingPro Insights
As Coastal Financial Corp (NASDAQ:CCB) navigates through the financial landscape, recent data from InvestingPro provides a snapshot of the company's market standing and performance metrics. With a market capitalization of $553.05 million and a Price/Earnings (P/E) ratio of 14.06, the company presents an intriguing profile for investors. The slight adjustment in the P/E ratio to 14.2 for the last twelve months as of Q1 2024 indicates a consistent valuation of the company's earnings over time.
Revenue growth also paints a positive picture, with an 11.44% increase over the last twelve months as of Q1 2024, demonstrating the company's ability to expand its financial top line. This is further supported by a solid operating income margin of 19.89% for the same period, suggesting efficient management of business operations and profitability.
InvestingPro Tips highlight that, despite weak gross profit margins, analysts predict Coastal Financial will be profitable this year, and the company has been profitable over the last twelve months. Additionally, Coastal Financial has shown a strong return over the last five years, which could be a sign of robust long-term performance. However, potential investors should note that the company does not pay a dividend, which may influence investment decisions for those seeking regular income streams from their stock holdings.
For those interested in deeper analysis, InvestingPro offers additional insights, with a total of 5 InvestingPro Tips available for Coastal Financial Corp. Investors looking to leverage these insights can visit InvestingPro and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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