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Snatch This Deal Even Lower Than CEO Proctor Jr. Did
By Market News Video Staff, Wednesday, September 8, 11:27 AM ET
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 July 27, Ameris Bancorp's CEO, H. Palmer Proctor Jr., invested $116,773.25 into 2,500 shares of ABCB, for a cost per share of $46.71. 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 Ameris Bancorp (NASDAQ:ABCB) and achieve a cost basis even cheaper than Proctor Jr., with shares changing hands as low as $46.49 per share. Ameris Bancorp shares are currently trading off about 1.8% on the day. The chart below shows the one year performance of ABCB shares, versus its 200 day moving average:
Looking at the chart above, ABCB's low point in its 52 week range is $20.855 per share, with $59.85 as the 52 week high point — that compares with a last trade of $46.68. By comparison, below is a table showing the prices at which ABCB insider buying was recorded over the last six months:
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