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 Tuesday, Heritage Commerce's Director, Jack W. Conner, made a $140,636 purchase of HTBK, buying 10,500 shares at a cost of $13.39 a piece. Investors are able to pick up HTBK at a price even lower than Conner did, with shares trading as low as $12.97 at last check today which is 3.2% below Conner's purchase price. Heritage Commerce is trading down about 0.5% on the day Thursday. Before this latest buy, Conner bought HTBK at 3 other times during the past twelve months, for a total cost of $238,854 at an average of $14.25 per share.
And at Live Oak Bancshares, there was insider buying on Monday, by Director Diane Beth Glossman who purchased 2,000 shares for a cost of $13.87 each, for a total investment of $27,740. This buy marks the first one filed by Glossman in the past year. Live Oak Bancshares is trading down about 1.3% on the day Thursday.
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