Steven Hovde sells shares worth $133,750 in Coastal Financial Corp By Investing.com

Steven D. Hovde, a director and significant shareholder of Coastal Financial Corp (NASDAQ:CCB), has recently sold a total of 2,500 shares of the company’s common stock. According to the latest regulatory filings, the transactions took place on two separate days, with Hovde disposing of the shares at a consistent price of $53.50 each.

The first sale, on August 29, involved 944 shares, while the subsequent sale on August 30 saw 1,556 shares being sold. The combined sales amounted to $133,750, reflecting a sizable transaction for Hovde within the company.

Following these transactions, Hovde’s direct ownership in Coastal Financial Corp has been adjusted to 24,000 shares. Additionally, the filings include a footnote indicating that Hovde holds an indirect ownership interest in 1,714,870 shares, which includes restricted stock granted under the Coastal Financial Corporation 2018 Omnibus Incentive Plan. These shares are set to vest one day before the issuer’s 2025 Annual Shareholder Meeting.

Investors often monitor insider sales as they can provide insights into an executive’s perspective on the company’s current valuation and future prospects. However, it’s important to note that insider transactions can be subject to various personal financial considerations and may not always directly correspond with the company’s performance or outlook.

InvestingPro Insights

As Coastal Financial Corp (NASDAQ:CCB) sees significant insider transactions, it’s worth considering the company’s financial health and market performance through InvestingPro data and tips. The company, with a market capitalization of $719.11 million, is trading near its 52-week high, with the price at the previous close standing at $53.19. This is just shy of the 52-week peak, indicating a strong market confidence in the stock, as reflected by the price being 99.39% of the 52-week high.

InvestingPro Tips reveal that Coastal Financial has had a strong return over the last three months, with a 22.93% price total return, and an impressive six-month price total return of 39.8%. These robust returns suggest that investors have been bullish on the company’s performance in the recent past. Furthermore, analysts predict that Coastal Financial will be profitable this year, which could be a contributing factor to the positive sentiment surrounding the stock. The company has also been profitable over the last twelve months, reinforcing its financial stability.

However, it’s important to note that Coastal Financial does not pay a dividend to shareholders, which could be a consideration for income-focused investors. For those looking to delve deeper, InvestingPro offers additional tips, with a total of eight tips available on the platform, providing further insights into Coastal Financial’s financial metrics and market performance.

For a comprehensive analysis and more InvestingPro Tips on Coastal Financial Corp, interested readers can visit: https://www.investing.com/pro/CCB.

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