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 Friday, Annaly Capital Management (NYSE:NLY)'s Chief Investment Officer, David L. Finkelstein, made a $1.25M purchase of NLY, buying 100,000 shares at a cost of $12.49 a piece. Annaly Capital Management is trading trading flat on the day Tuesday. Before this latest buy, Finkelstein made one other purchase in the past year, buying $1.03M shares for a cost of $10.30 a piece.
And on Thursday, Director Dennis J. McGillicuddy purchased $988,000 worth of Franklin Street Properties (AMEX:FSP), purchasing 100,000 shares at a cost of $9.88 each. Franklin Street Properties is trading up about 1% on the day Tuesday. So far McGillicuddy is in the green, up about 3.2% on their purchase based on today's trading high of $10.20.
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