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.
At First Data Corp (FDC), a filing with the SEC revealed that on Tuesday, Executive Vice President Jeff Shanahan purchased 118,135 shares of FDC, for a cost of $17.81 each, for a total investment of $2.10M. Bargain hunters are able to grab FDC at a price even lower than Shanahan did, with the stock changing hands as low as $17.57 at last check today which is 1.3% below Shanahan's purchase price. First Data Corp is trading up about 0.5% on the day Friday.
And on Wednesday, Director Castle purchased $1.67M worth of The Bancorp (NASDAQ:TBBK), purchasing 225,000 shares at a cost of $7.41 each. This purchase marks the first one filed by Castle in the past twelve months. The Bancorp is trading up about 1.1% on the day Friday. So far Castle is in the green, up about 3.3% on their buy based on today's trading high of $7.65.
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