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 Friday, Valley National Bancorp's Director, Jennifer W. Steans, made a $2.45M buy of VLY, purchasing 325,000 shares at a cost of $7.54 each. Investors are able to bag VLY at a price even lower than Steans did, with the stock changing hands as low as $6.71 in trading on Monday -- that's 11.0% below Steans's purchase price. Valley National Bancorp is trading off about 8% on the day Monday. This purchase marks the first one filed by Steans in the past twelve months.
And also on Friday, Director Murry Gerber bought $1.06M worth of Halliburton, buying 155,763 shares at a cost of $6.78 each. This purchase marks the first one filed by Gerber in the past twelve months. Halliburton is trading off about 10.6% on the day Monday.
For MarketNewsVideo.com, I'm Sayoko Murase.