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 Valley National Bancorp (NASDAQ:VLY), a filing with the SEC revealed that on Monday, Director Peter J. Baum bought 3,433 shares of VLY, at a cost of $12.70 each, for a total investment of $43,613. Valley National Bancorp is trading off about 0.7% on the day Tuesday. This buy marks the first one filed by Baum in the past twelve months.
And at Citizens First Corp. (NASDAQ:CZFC), there was insider buying on Thursday, by Director Kent E. Furlong who bought 1,000 shares at a cost of $24.25 each, for a trade totaling $24,250. Citizens First Corp. is trading up about 1.2% on the day Tuesday. Furlong was up about 1.0% on the buy at the high point of today's trading session, with CZFC trading as high as $24.50 at last check today.
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