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 Friday, Babson Capital Corporate Investors Fund (NYSE:MCI)'s , Edward P. Grace III, made a $51,395 buy of MCI, purchasing 3,500 shares at a cost of $14.68 a piece. So far Grace III is in the green, up about 1.4% on their buy based on today's trading high of $14.88. Babson Capital Corporate Investors Fund is trading up about 0.8% on the day Monday. This buy marks the first one filed by Grace III in the past year.
And also on Friday, Director Joseph L. Garrett bought $43,816 worth of Pacific Premier Bancorp (NASDAQ:PPBI), buying 1,100 shares at a cost of $39.83 a piece. Before this latest buy, Garrett purchased PPBI on 7 other occasions during the past year, for a total investment of $121,251 at an average of $24.50 per share. Pacific Premier Bancorp is trading down about 1.8% on the day Monday. Bargain hunters have the opportunity to pick up PPBI even cheaper than Garrett did, with shares trading as low as $38.60 at last check today which is 3.1% below Garrett's purchase price.
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