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.
At Old National Bancorp, a filing with the SEC revealed that on Tuesday, Director Daniel S. Hermann purchased 20,170 shares of ONB, for a cost of $13.63 each, for a total investment of $275,002. Investors are able to buy ONB even cheaper than Hermann did, with shares trading as low as $12.80 at last check today -- that's 6.1% under Hermann's purchase price. Old National Bancorp is trading up about 1.7% on the day Thursday.
And on Wednesday, Director Joseph M. Manko Jr. bought $268,111 worth of Safeguard Scientifics, buying 40,000 shares at a cost of $6.70 each. This purchase marks the first one filed by Manko Jr. in the past twelve months. Safeguard Scientifics is trading up about 7.8% on the day Thursday.
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