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.
On Monday, Manning & Napier's Director of Investments, Ebrahim Busheri, made a $111,220 purchase of MN, buying 28,710 shares at a cost of $3.87 each. Busheri was up about 6.0% on the buy at the high point of today's trading session, with MN trading as high as $4.11 in trading on Friday. Manning & Napier is trading up about 1.2% on the day Friday. Before this latest buy, Busheri made one other buy in the past year, purchasing $39,878 shares for a cost of $3.59 each.
And on Thursday, Director Timothy M. Hunter bought $105,500 worth of Northwest Bancshares, buying 10,000 shares at a cost of $10.55 each. Before this latest buy, Hunter purchased NWBI on 2 other occasions during the past twelve months, for a total investment of $307,675 at an average of $12.31 per share. Northwest Bancshares is trading down about 1.8% on the day Friday.
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