Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, Tri Continental Corporation (NYSE:TY)'s , David L. King, made a $252,682 buy of TY, purchasing 15,000 shares at a cost of $16.85 each. Tri Continental Corporation is trading off about 0.2% on the day Friday. Before this latest buy, King purchased TY on 2 other occasions during the past year, for a total investment of $1.05M at an average of $15.02 per share.
And also on Thursday, Director Michael J. Close bought $24,891 worth of First Citizens Banc Corp. (NASDAQ:FCZA), buying 4,500 shares at a cost of $5.53 a piece. Before this latest buy, Close purchased FCZA on 8 other occasions during the past twelve months, for a total cost of $41,264 at an average of $6.02 per share. First Citizens Banc Corp. is trading up about 4.4% on the day Friday. So far Close is in the green, up about 3.8% on their buy based on today's trading high of $5.74.
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