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 Wednesday, Penn Virginia (PVA)'s CEO, H. Baird Whitehead, made a $146,688 buy of PVA, purchasing 10,000 shares at a cost of $14.67 each. Whitehead was up about 1.7% on the purchase at the high point of today's trading session, with PVA trading as high as $14.92 in trading on Thursday. Penn Virginia is trading up about 0.5% on the day Thursday. This buy marks the first one filed by Whitehead in the past twelve months.
And at City Office REIT (NYSE:CIO), there was insider buying on Wednesday, by Chief Executive Officer James Thomas Farrar who bought 10,000 shares for a cost of $12.80 each, for a trade totaling $127,977. Before this latest buy, Farrar made one other purchase in the past year, buying $98,459 shares at a cost of $12.31 a piece. City Office REIT is trading down about 0.7% on the day Thursday. Farrar was up about 2.3% on the purchase at the high point of today's trading session, with CIO trading as high as $13.09 at last check today.
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