Coastal Financial rises as insiders buy over $1 million worth of shares
CCB•Shares rise after insider buying
Community lender Coastal Financial's CCB.O shares rose as much as 5.6%, and were last up 3.6% at $46.97.
CCB vice chairman Steven Hovde, CEO Eric Sprink, and executive chairman Christopher Adams bought over $1 million worth of CCB shares last week, according to regulatory filings late Friday.
Steven Hovde, CCB's top shareholder, led the way and bought $658,300 worth of shares.
Context on the stock and analyst views
CCB stock plunged 43.5% on July 30 after large credit expense drove a second-quarter loss.
Buybacks and insider buying are the strongest signals companies can send to the market, according to analysts.
All four brokerages covering the stock rate it "buy" or higher, with a median price target of $49, according to data compiled by LSEG.
As of the last close, CCB stock was down .
