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.
At JPMorgan Chase & Co (NYSE:JPM), a filing with the SEC revealed that on Thursday, Director Mellody L. Hobson bought 1,700 shares of JPM, at a cost of $114.26 each, for a total investment of $194,242. Investors can buy JPM at a price even lower than Hobson did, with shares changing hands as low as $112.66 in trading on Monday — that's 1.4% under Hobson's purchase price. JPMorgan Chase & Co is trading off about 0.1% on the day Monday. Before this latest buy, Hobson purchased JPM at 2 other times during the past year, for a total investment of $2.12M at an average of $110.90 per share.
And on Wednesday, Director Sheryl G. Sharry bought $189,200 worth of Bank Of South Carolina Corp (BKSC), buying 10,000 shares at a cost of $18.92 each. Before this latest buy, Sharry purchased BKSC at 8 other times during the past twelve months, for a total cost of $137,366 at an average of $20.05 per share. Bank Of South Carolina Corp is trading up about 0.8% on the day Monday. Investors have the opportunity to pick up BKSC even cheaper than Sharry did, with shares trading as low as $18.54 in trading on Monday which is 2.0% below Sharry's purchase price.
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