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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, AvalonBay Communities (NYSE:AVB)'s Director, Lance R. Primis, made a $248,852 buy of AVB, purchasing 2,000 shares at a cost of $124.43 each. Investors can grab AVB even cheaper than Primis did, with the stock trading as low as $121.81 at last check today which is 2.1% under Primis's purchase price. AvalonBay Communities, Inc. is trading up about 0.6% on the day Wednesday.
And also on Friday, CFO Kevin P. Riley purchased $227,704 worth of First Interstate BancSystem (NASDAQ:FIBK), purchasing 10,000 shares at a cost of $22.77 a piece. Before this latest buy, Riley made one other purchase in the past year, buying $236,057 shares for a cost of $23.61 a piece. First Interstate BancSystem is trading up about 1.4% on the day Wednesday. Riley was up about 2.9% on the buy at the high point of today's trading session, with FIBK trading as high as $23.43 at last check today.
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