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 Tuesday, Penn National Gaming (NASDAQ:PENN)'s EVP-Chief Operating Officer, Jay A. Snowden, made a $118,885 purchase of PENN, buying 11,500 shares at a cost of $10.34 a piece. So far Snowden is in the green, up about 3.5% on their buy based on today's trading high of $10.70. Penn National Gaming is trading up about 2.3% on the day Wednesday.
And at Financial Institutions (NASDAQ:FISI), there was insider buying on Monday, by CEO Martin Kearney Birmingham who purchased 5,000 shares for a cost of $22.51 each, for a total investment of $112,550. Before this latest buy, Birmingham purchased FISI on 2 other occasions during the past twelve months, for a total cost of $210,346 at an average of $21.03 per share. Financial Institutions is trading off about 0.6% on the day Wednesday.
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