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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Cadence Bancorporation, a filing with the SEC revealed that on Friday, CEO Paul B. Murphy Jr. bought 50,000 shares of CADE, for a cost of $19.93 each, for a total investment of $996,438. Murphy Jr. was up about 4.0% on the purchase at the high point of today's trading session, with CADE trading as high as $20.73 at last check today. Cadence Bancorporation is trading up about 0.7% on the day Tuesday. This buy marks the first one filed by Murphy Jr. in the past twelve months.
And at IBERIABANK, there was insider buying on Thursday, by Angus R. Cooper II who bought 5,000 shares at a cost of $76.24 each, for a total investment of $381,198. IBERIABANK is trading off about 0.8% on the day Tuesday. Cooper II was up about 2.5% on the purchase at the high point of today's trading session, with IBKC trading as high as $78.18 in trading on Tuesday.
For MarketNewsVideo.com, I'm Sayoko Murase.