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.
At 1st United Bancorp (NASDAQ:FUBC), a filing with the SEC revealed that on Monday, Director Joseph W. Veccia Jr. bought 37,500 shares of FUBC, for a cost of $7.92 each, for a total investment of $297,062. Investors are able to snag FUBC at a price even lower than Veccia did, with the stock changing hands as low as $7.65 in trading on Wednesday -- that's 3.4% below Veccia's purchase price. his buy marks the first one filed by Veccia Jr. in the past twelve months.
And also on Monday, Director David M. Wood bought $267,200 worth of Crestwood Equity Partners (NYSE:CEQP), buying 20,000 shares at a cost of $13.36 a piece. This purchase marks the first one filed by Wood in the past year. Crestwood Equity Partners is trading up about 2.5% on the day Wednesday.
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