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 Bank of New York Mellon Corp (NYSE:BK), a filing with the SEC revealed that on Thursday, Vice Chairman William M. Daley bought 11,350 shares of BK, for a cost of $44.93 each, for a total investment of $509,921. Daley was up about 3.2% on the purchase at the high point of today's trading session, with BK trading as high as $46.38 in trading on Tuesday. Bank of New York Mellon Corp is trading up about 0.9% on the day Tuesday. This purchase marks the first one filed by Daley in the past year.
And on Friday, Director James J. Dolan bought $98,850 worth of TriState Capital Holdings (TSC), buying 5,000 shares at a cost of $19.77 a piece. Before this latest buy, Dolan made one other buy in the past year, purchasing $195,800 shares at a cost of $24.48 a piece. TriState Capital Holdings is trading up about 2.2% on the day Tuesday. Dolan was up about 3.4% on the buy at the high point of today's trading session, with TSC trading as high as $20.44 in trading on Tuesday.
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