Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Navient, a filing with the SEC revealed that on Friday, Chief Executive Officer John F. Remondi purchased 50,000 shares of NAVI, for a cost of $7.82 each, for a total investment of $390,930. So far Remondi is in the green, up about 5.6% on their purchase based on today's trading high of $8.26. Navient is trading up about 1.8% on the day Monday.
And also on Friday, Director Mark Robert Patterson bought $333,190 worth of HomeStreet, buying 13,000 shares at a cost of $25.63 each. Before this latest buy, Patterson bought HMST at 3 other times during the past twelve months, for a total investment of $689,015 at an average of $22.97 per share. HomeStreet is trading up about 1.6% on the day Monday. So far Patterson is in the green, up about 5.2% on their purchase based on today's trading high of $26.95.
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