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Bargain Hunters Take Note: Insider Cluster-Buying At SUBK
By Market News Video Staff, Wednesday, December 21, 10:46 AM ET
A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Suffolk Bancorp (NASDAQ:SUBK), 3 different insiders purchased 2,333 shares at an average price of $8.12/share, for a total of $18,950, with the most recent purchase on December 19, 2011.
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. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
Purchased
Insider
Title
Shares
Price/Share
Value
11/28/2011
John D. Stark Jr.
Director
384
$7.74
$2,975.00
11/28/2011
Shea Susan V. B. O
Director
420
$7.74
$3,250.00
11/28/2011
J. Gordon Huszagh
Director
420
$7.74
$3,250.00
12/19/2011
John D. Stark Jr.
Director
348
$8.55
$2,975.00
12/19/2011
Shea Susan V. B. O
Director
380
$8.55
$3,250.00
12/19/2011
J. Gordon Huszagh
Director
380
$8.55
$3,250.00
The chart below shows the one year performance of SUBK shares, versus its 200 day moving average. Note that SUBK's low point in its 52 week range is $7.51 per share, with $25.94 as the 52 week high point — that compares with a last trade of $9.87, with shares currently trading up about 11.4% on the day.
SUBK operates in the Banking & Savings sector, among companies like BanColombia, S.A. (NYSE:CIB) which is up about 0.2% today, and Deutsche Bank AG (NYSE:DB) trading lower by about 1.1%. Below is a three month price history chart comparing the stock performance of SUBK, versus CIB and DB.
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