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 Monday, Investors Bancorp (NASDAQ:ISBC)'s Director, Brendan Dugan, made a $100,212 purchase of ISBC, buying 4,200 shares at a cost of $23.86 each. Dugan was up about 1.8% on the buy at the high point of today's trading session, with ISBC trading as high as $24.28 in trading on Wednesday. This purchase marks the first one filed by Dugan in the past twelve months.
And at PacWest Bancorp (NASDAQ:PACW), there was insider buying on Monday, by CEO Matthew P. Wagner who bought 2,415 shares for a cost of $41.30 each, for a total investment of $99,740. PacWest Bancorp is trading up about 0.8% on the day Wednesday. Bargain hunters can bag PACW even cheaper than Wagner did, with the stock trading as low as $40.72 in trading on Wednesday which is 1.4% under Wagner's purchase price.
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