Friday 5/3 Insider Buying Report: LUMN, TBBK
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.
On Thursday, Lumen Technologies' CEO, Kathleen E. Johnson, made a $959,850 purchase of LUMN, buying 750,000 shares at a cost of $1.28 each. So far Johnson is in the green, up about 12.5% on their buy based on today's trading high of $1.44. Lumen Technologies is trading up about 5% on the day Friday. Before this latest buy, Johnson made one other buy in the past year, purchasing $970,000 shares at a cost of $0.97 each.
And at The Bancorp, there was insider buying on Wednesday, by EVP and Head of Credit Markets Mark Leo Connolly who bought 20,000 shares at a cost of $31.07 each, for a total investment of $621,308. The Bancorp is trading up about 4% on the day Friday. Connolly was up about 5.3% on the buy at the high point of today's trading session, with TBBK trading as high as $32.72 at last check today.
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