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 Monday, Southern National Bancorp Of Virginia's Executive Chairman, Georgia S. Derrico, made a $288,000 purchase of SONA, buying 40,000 shares at a cost of $7.20 each. Derrico was up about 121.8% on the buy at the high point of today's trading session, with SONA trading as high as $15.97 at last check today. Southern National Bancorp Of Virginia is trading up about 0.1% on the day Monday. Before this latest buy, Derrico made one other buy in the past twelve months, purchasing $70,400 shares at a cost of $7.04 a piece.
And on Thursday, Director Peter V. Maio bought $225,000 worth of Valley National Bancorp, buying 20,000 shares at a cost of $11.25 a piece. This purchase marks the first one filed by Maio in the past year. Valley National Bancorp is trading down about 0.1% on the day Monday. Investors have the opportunity to buy VLY at a price even lower than Maio did, with the stock trading as low as $10.89 in trading on Monday -- that's 3.2% below Maio's purchase price.
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