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 Albemarle Corp. (NYSE:ALB), a filing with the SEC revealed that on Friday, Director Douglas L. Maine purchased 7,847 shares of ALB, for a cost of $48.48 each, for a total investment of $380,423. Albemarle Corp. is trading off about 1.2% on the day Monday. This buy marks the first one filed by Maine in the past twelve months.
And on Wednesday, Vice Chairman Timanus Jr. purchased $280,140 worth of Prosperity Bancshares (NYSE:PB), purchasing 6,000 shares at a cost of $46.69 a piece. Before this latest buy, Timanus Jr. made one other buy in the past twelve months, purchasing $113,440 shares at a cost of $56.72 each. Prosperity Bancshares is trading up about 0.6% on the day Monday. Investors can grab PB at a price even lower than Timanus Jr. did, with shares changing hands as low as $45.82 in trading on Monday which is 1.9% under Timanus Jr.'s purchase price.
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