11 Insiders Make Buys as First Security Finishes Recapitalization Project


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On April 12, First Security Group ( FSGI ) completed its "Strategic Recapitalization" program. On April 11, the company issued 9.9 million shares of its common stock to the U.S. Treasury. The Treasury then sold those shares to previously named investors of the company for $1.50 per share. First Security sold an additional 50.8 million shares at $1.50. In total investors purchased 60,735,000 shares for $91.1 million.

Along with these investors, several insiders took advantage of this decrease in share prices. Seven directors and four corporate officers took home a total of 557,908 shares of First Security Group stock. These transactions cost the insiders a total of $836,862.

To view the complete list of insiders making buys, click here .

First Security Group is a bank holding company for FSG Bank. The company serves the banking communities in Tennessee and Georgia. The company offers standard banking services such as checking and savings account management as well as a loan department and wealth management department.

According to the GuruFocus analysis , First Security Group's revenue has been in decline for the past five years. Despite this, the company has enough cash to cover all of its debt. The 10-year financials of First Security also report a negative operating and net income since 2009.

Market Cap: 4.3 M P/E: n/a Shiller P/E: 11.4
P/B: 0.1 P/S: 0.12 EV/EBITDA: n/a
52 Week Low: 1.30 52 Week High: 3.44 Average Volume: 13,375

Guru Michael Price bought 6,080,000 shares of FSGI on April 11.

With its price up 2.02%, First Security Group trades at $2.52.About GuruFocus: GuruFocus.com tracks the stocks picks and portfolio holdings of the world's best investors. This value investing site offers stock screeners and valuation tools. And publishes daily articles tracking the latest moves of the world's best investors. GuruFocus also provides promising stock ideas in 3 monthly newsletters sent to Premium Members .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing

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