Eric M. Sprink, CEO of Coastal Financial Corp (NASDAQ:CCB), has recently sold a total of 6,482 shares of the company's common stock, according to a recent filing. The sales occurred over three days, with 1,000 shares sold on November 4 at a price of $63.11 each, 2,000 shares on November 5 at $63.76 each, and 3,482 shares on November 6 at $71.14 each. The total value of these transactions amounted to $438,339. Following these sales, Mr. Sprink holds 244,906 shares directly. These transactions were part of a pre-established Rule 10b5-1 trading plan.
InvestingPro Insights
As Eric M. Sprink, CEO of Coastal Financial Corp (NASDAQ:CCB), executes his pre-established trading plan, it's worth noting some key financial metrics and insights from InvestingPro that provide context to the company's current position.
Coastal Financial Corp has been experiencing strong momentum, with InvestingPro data showing a remarkable 77.65% price total return over the past year. This performance is further underscored by the stock trading near its 52-week high, with the current price at 97.18% of that peak. The company's market capitalization stands at $955.34 million, reflecting its solid position in the financial sector.
InvestingPro Tips highlight that CCB has demonstrated strong returns over various time frames, including the last month, three months, and five years. This consistent performance aligns with the CEO's decision to sell shares as part of a planned transaction, potentially capitalizing on the stock's upward trajectory.
However, investors should be aware that the stock's RSI suggests it may be in overbought territory, according to another InvestingPro Tip. This could indicate that the recent price surge might be nearing a plateau, which may have factored into the timing of Mr. Sprink's share sales.
Despite the strong price performance, it's noteworthy that CCB does not pay a dividend to shareholders, as pointed out by InvestingPro. This policy may reflect the company's focus on reinvesting profits for growth rather than distributing them to shareholders.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Coastal Financial Corp, providing a deeper dive into the company's financial health and market position.
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