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 Monday, PacWest Bancorp (NASDAQ:PACW)'s Director, Susan E. Lester, made a $340,832 buy of PACW, purchasing 8,000 shares at a cost of $42.60 a piece. Investors can snag PACW at a price even lower than Lester did, with the stock changing hands as low as $41.67 at last check today -- that's 2.2% below Lester's purchase price. PacWest Bancorp is trading up about 1.1% on the day Tuesday. Before this latest buy, Lester made one other buy in the past year, purchasing $76,056 shares for a cost of $38.03 a piece.
And on Friday, Vice President Jack E. Fockler Jr. bought $200,653 worth of Royce Micro-Cap Trust (NYSE:RMT), buying 16,000 shares at a cost of $12.54 each. Royce Micro-Cap Trust is trading up about 0.3% on the day Tuesday. Bargain hunters can bag RMT even cheaper than Fockler Jr. did, with shares changing hands as low as $12.07 in trading on Tuesday which is 3.8% below Fockler Jr.'s purchase price.
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