Form 4: Coastal Financial Corp Executive Sells Shares to Cover Tax Obligations

Andrew G. Stines, EVP and Chief Risk Officer of Coastal Financial Corp, sold 179 shares of common stock to cover tax liabilities related to vesting restricted stock units.

Summary

• Andrew G. Stines, the EVP and Chief Risk Officer of Coastal Financial Corp, sold 179 shares of common stock on May 6, 2024.
• The sale was executed at a price of $41.47 per share.
• The transaction was to cover tax liability on vesting restricted stock awards (RSA).
• Following the transaction, Stines beneficially owns 11,203 shares of Coastal Financial Corp.
• This total includes 7,250 time-based restricted stock units (RSUs) vesting over various schedules and 2,000 shares of restricted awards vesting in four approximately equal remaining annual installments.
• The filing also includes a correction to the total shares outstanding, which was incorrectly calculated and reported on a previous filing.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The transaction is a routine sale to cover tax obligations, and the filing includes a correction of a previous error. There is no indication of positive or negative sentiment towards the company's future prospects.

Industry Context

Form 4 filings are a routine part of insider trading activity and are closely watched by investors for signals about management's view of the company's prospects. Sales to cover tax obligations are common and not necessarily indicative of a negative outlook.

Key Dates