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 Partners Bancorp, a filing with the SEC revealed that on Friday, Director Michael W. Clarke purchased 5,423 shares of PTRS, for a cost of $6.75 each, for a total investment of $36,605. Clarke was up about 4.6% on the buy at the high point of today's trading session, with PTRS trading as high as $7.06 at last check today. Partners Bancorp is trading down about 0.6% on the day Wednesday. Before this latest buy, Clarke made one other buy in the past year, purchasing $122 shares at a cost of $6.75 a piece.
And at Tortoise Essential Assets Income Fund, there was insider buying on Friday, by Gary Paul Henson who purchased 1,200 shares at a cost of $13.93 each, for a trade totaling $16,716. This purchase marks the first one filed by Henson in the past year. Tortoise Essential Assets Income Fund is trading off about 0.3% on the day Wednesday. Henson was up about 1.9% on the purchase at the high point of today's trading session, with TEAF trading as high as $14.19 in trading on Wednesday.
For MarketNewsVideo.com, I'm Sayoko Murase.