SAN Crosses Above Key Moving Average Level Monday, April 29, 4:02 PM ET, by Market News Video Staff In trading on Monday, shares of Banco Santander SA (SAN) crossed above their 200 day ...
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on August 12, IBERIABANK Corp's Director, Elaine D. Abell, invested $9,331.42 into 200 shares of IBKC, for a cost per share of $46.66. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Wednesday, bargain hunters could buy shares of IBERIABANK Corp (NASDAQ:IBKC) and achieve a cost basis even cheaper than Abell, with shares changing hands as low as $46.52 per share. It should be noted that Abell has collected $0.34/share in dividends since the time of their purchase, so they are currently up 0.4% on their purchase from a total return basis. IBERIABANK Corp shares are currently trading off about 3.2% on the day. The chart below shows the one year performance of IBKC shares, versus its 200 day moving average:
Looking at the chart above, IBKC's low point in its 52 week range is $42.51 per share, with $61.30 as the 52 week high point — that compares with a last trade of $46.65. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
Purchased
Insider
Title
Shares
Price/Share
Value
08/05/2011
William H. Fenstermaker
Director
5,000
$47.86
$239,318.50
08/09/2011
Barry F. Berthelot
EXECUTIVE VICE PRESIDENT
1,000
$46.76
$46,760.00
08/12/2011
Elaine D. Abell
Director
200
$46.66
$9,331.42
According to the ETF Finder at ETF Channel, IBKC makes up 1.76% of the SPDR S&P Regional Banking ETF (AMEX:KRE) which is trading lower by about 3.3% on the day Wednesday.
IBKC operates in the Banking & Savings sector, among companies like Banco de Chile (NYSE:BCH) which is down about 2.5% today, and Banco Santander Chile (NYSE:SAN) trading lower by about 3.1%. Below is a three month price history chart comparing the stock performance of IBKC, versus BCH and SAN.
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