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 Trust Energy Infrastructure Fund (NYSE:FIF), a filing with the SEC revealed that on Wednesday, James Murchie bought 20,000 shares of FIF, at a cost of $18.22 each, for a total investment of $364,350. First Trust Energy Infrastructure Fund is trading down about 1.3% on the day Thursday. This buy marks the first one filed by Murchie in the past twelve months.
And also on Wednesday, COO Gerard A. Perri bought $90,861 worth of Metropolitan Bank Holding Corp (NYSE:MCB), buying 2,000 shares at a cost of $45.43 a piece. This purchase marks the first one filed by Perri in the past year. Metropolitan Bank Holding Corp is trading off about 1.2% on the day Thursday. Perri was up about 4.3% on the purchase at the high point of today's trading session, with MCB trading as high as $47.40 at last check today.
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