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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 December 9, Bancorp of New Jersey, Inc.'s Director, Josephine Mauro, invested $9,993.00 into 1,100 shares of BKJ, for a cost per share of $9.08. 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 Thursday, bargain hunters could buy shares of Bancorp of New Jersey, Inc. (AMEX:BKJ) and achieve a cost basis even cheaper than Mauro, with shares changing hands as low as $9.02 per share. Bancorp of New Jersey, Inc. shares are currently trading off about 6% on the day. The chart below shows the one year performance of BKJ shares, versus its 200 day moving average:
Looking at the chart above, BKJ's low point in its 52 week range is $7.44 per share, with $11.40 as the 52 week high point — that compares with a last trade of $9.02. 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
12/09/2011
Josephine Mauro
Director
1,100
$9.08
$9,993.00
BKJ operates in the Banking & Savings sector, among companies like TCF Financial Corp. (NYSE:TCB) which is up about 0.8% today, and Webster Financial Corp (NYSE:WBS) trading higher by about 1.8%. Below is a three month price history chart comparing the stock performance of BKJ, versus TCB and WBS.
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One Reason For Insiders to Buy
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