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 Blackstone Mortgage Trust, a filing with the SEC revealed that on Wednesday, Director Michael B. Nash bought 50,000 shares of BXMT, at a cost of $17.22 each, for a total investment of $860,810. Blackstone Mortgage Trust Inc is trading up about 1.9% on the day Thursday. Before this latest buy, Nash bought BXMT on 2 other occasions during the past twelve months, for a total cost of $1.99M at an average of $22.10 per share.
And also on Wednesday, Director Chris Avery purchased $478,750 worth of Cullen/Frost Bankers, purchasing 5,000 shares at a cost of $95.75 a piece. Before this latest buy, Avery made one other buy in the past twelve months, purchasing $540,425 shares for a cost of $108.08 each. Cullen/Frost Bankers is trading off about 0.4% on the day Thursday.
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