Whilst it may not be a huge deal, we thought it was good to see that the TrustCo Bank Corp NY (NASDAQ:TRST) Director, Frank Silverman, recently bought US$59k worth of stock, for US$5.85 per share. Although the purchase is not a big one, by either a percentage standpoint or absolute value, it can be seen as a good sign.
TrustCo Bank Corp NY Insider Transactions Over The Last Year
Over the last year, we can see that the biggest insider purchase was by President Robert McCormick for US$384k worth of shares, at about US$5.91 per share. So it's clear an insider wanted to buy, at around the current price, which is US$5.94. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. While we always like to see insider buying, it's less meaningful if the purchases were made at much lower prices, as the opportunity they saw may have passed. The good news for TrustCo Bank Corp NY share holders is that insiders were buying at near the current price.
Over the last year, we can see that insiders have bought 133.43k shares worth US$786k. On the other hand they divested 24.21k shares, for US$152k. In the last twelve months there was more buying than selling by TrustCo Bank Corp NY insiders. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
TrustCo Bank Corp NY is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Insiders own 2.4% of TrustCo Bank Corp NY shares, worth about US$14m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
What Might The Insider Transactions At TrustCo Bank Corp NY Tell Us?
It's certainly positive to see the recent insider purchases. And the longer term insider transactions also give us confidence. When combined with notable insider ownership, these factors suggest TrustCo Bank Corp NY insiders are well aligned, and that they may think the share price is too low. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.
Of course TrustCo Bank Corp NY may not be the best stock to buy. So you may wish to see this free collection of high quality companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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