Although U.S. stocks closed mostly lower on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
Howard Hughes Holdings
- The Trade: Howard Hughes Holdings Inc. (NYSE:HHH) Director William Ackman acquired a total of 116,070 shares an average price of $66.88. To acquire these shares, it cost around $7.76 million.
- What's Happening: Howard Hughes said it intends to spinoff new division, Seaport Entertainment, to shareholders by year-end 2024.
- What Howard Hughes Holdings Does: Howard Hughes Holdings Inc owns, manages, and develops commercial, residential, and mixed-use real estate throughout the USA.
Learn CW Investment
- The Trade: Learn CW Investment Corporation (NYSE:LCW) 10% owner Alan E Howard acquired a total of 770,000 shares at an average price of $10.00. To acquire these shares, it cost around $7.7 million.
- What's Happening: The company has a market cap of $161.446 million and a 52-week high of $11.54.
- What Learn CW Investment Does: Learn CW Investment Corp is a blank check company. It is formed for the purpose of effecting a merger, consolidation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
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M&T Bank
- The Trade: M&T Bank Corporation (NYSE:MTB) Sr. EVP & CFO Daryl Bible bought a total of 5,000 shares at an average price of $111.04. To acquire these shares, it cost around $555,218.
- What's Happening: M&T Bank posted better-than-expected quarterly results.
- What M&T Bank Does: M&T Bank is one of the largest regional banks in the United States, with branches in New York, Pennsylvania, West Virginia, Virginia, Maryland, Delaware, and New Jersey.
Hanmi Financial
- The Trade: Hanmi Financial Corporation (NASDAQ:HAFC) CFO Romolo Santarosa bought a total of 1,000 shares at an average price of $14.23. The insider spent around $14,230 to buy those shares.
- What's Happening: Hanmi Financial reported strong sales results for the third quarter.
- What Hanmi Financial Does: Hanmi Financial Corp is a Los Angeles-based bank that caters to Korean-Americans and other multi-ethnic communities across California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington.
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