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 Thursday, Texas Capital Bancshares' Chief Risk Officer, Timothy J. Storms, made a $249,671 buy of TCBI, purchasing 4,173 shares at a cost of $59.83 a piece. Texas Capital Bancshares is trading off about 0.7% on the day Friday. This purchase marks the first one filed by Storms in the past year.
And at Richmond Mutual Bancorporation, there was insider buying on Thursday, by Director Harold T. Hanley III who purchased 10,000 shares for a cost of $15.48 each, for a trade totaling $154,800. This purchase marks the first one filed by Hanley III in the past twelve months. Richmond Mutual Bancorporation is trading off about 0.6% on the day Friday. Investors are able to grab RMBI at a price even lower than Hanley III did, with the stock changing hands as low as $15.29 in trading on Friday -- that's 1.2% under Hanley III's purchase price.
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