As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, Peapack-Gladstone Financial (NASDAQ:PGC)'s Director, Anthony J. Consi, made a $98,900 purchase of PGC, buying 5,000 shares at a cost of $19.78 each. Thus far Consi is down about 0.9% on the buy, with the stock changing hands as low as $19.60 at last check today. Peapack-Gladstone Financial is trading off about 0.5% on the day Friday. Before this latest buy, Consi bought PGC at 2 other times during the past twelve months, for a total investment of $290,899 at an average of $17.03 per share.
And on Thursday, Director Russ M. Strobel purchased $95,400 worth of FirstMerit (FMER), purchasing 5,000 shares at a cost of $19.08 a piece. Before this latest buy, Strobel made one other buy in the past year, purchasing $84,816 shares for a cost of $16.96 a piece. FirstMerit is trading up about 1% on the day Friday. Strobel was up about 2.0% on the purchase at the high point of today's trading session, with FMER trading as high as $19.47 at last check today.
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