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 Friday, Tortoise Power and Energy Infrastructure Fund (NYSE:TPZ)'s Director, H. Kevin Birzer, made a $1,700 purchase of TPZ, buying 100 shares at a cost of $17.00 a piece. Birzer was up about 1.8% on the buy at the high point of today's trading session, with TPZ trading as high as $17.30 at last check today. Tortoise Power and Energy Infrastructure Fund is trading down about 0.3% on the day Tuesday. Before this latest buy, Birzer purchased TPZ on 3 other occasions during the past year, for a total cost of $5,491 at an average of $18.30 per share.
And on Thursday, CFO Bruce E. Thomas bought $1,195 worth of Community Bankers Trust Corp (ESXB), buying 133 shares at a cost of $8.96 a piece. Before this latest buy, Thomas purchased ESXB at 3 other times during the past year, for a total investment of $2,671 at an average of $8.15 per share. Community Bankers Trust Corp is trading up about 2.2% on the day Tuesday. Bargain hunters have the opportunity to bag ESXB even cheaper than Thomas did, with shares changing hands as low as $8.77 in trading on Tuesday which is 2.1% under Thomas's purchase price.
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