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Land This Bargain Even Cheaper Than CEO Michael Did

By Market News Video Staff, Monday, December 5, 4:12 PM ET
Play Video: One Reason For Insiders to Buy


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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 November 22, Oneida Financial Corp 's CEO, R. Kallet Michael, invested $7,686.88 into 856 shares of ONFC, for a cost per share of $8.98. 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 Monday, bargain hunters could buy shares of Oneida Financial Corp (NASDAQ:ONFC) and achieve a cost basis even cheaper than Michael, with shares changing hands as low as $8.97 per share. Oneida Financial Corp shares are currently trading off about 3% on the day. The chart below shows the one year performance of ONFC shares, versus its 200 day moving average:

Oneida Financial Corp  Chart

Looking at the chart above, ONFC's low point in its 52 week range is $7.71 per share, with $9.67 as the 52 week high point that compares with a last trade of $8.97. 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
11/22/2011 R. Kallet Michael President and CEO 856 $8.98 $7,686.88
12/01/2011 R. Kallet Michael President and CEO 4,700 $9.12 $42,881.00

ONFC operates in the Credit Services & Lending sector, among companies like World Acceptance Corp. (NASDAQ:WRLD) which is up about 0.9% today, and First Cash Financial Services Inc (NASDAQ:FCFS) trading higher by about 0.8%. Below is a three month price history chart comparing the stock performance of ONFC, versus WRLD and FCFS.

ONFC,WRLD,FCFS Relative Performance Chart


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This Article's Word Cloud:   Corp   Definition   FCFS   Financial   Importance   Insider   Investment   Kallet   Michael   ONFC   Oneida   President   Price   Services   Value   WRLD   about   allows   asset   below   buying   cash   chart   cost   designed   even   hunters   insider   last   like   only   open   performance   point   portfolio   reason   share   shares   short   showing   stock   that   their   there   this   trading   versus   week   which   with
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