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Top Insider Buys Highlight for the Week of Oct. 16

GuruFocus.com
·4 mins read

- By Shuda Xia

The largest insider buys this week were in Citigroup Inc. (NYSE:C), Carnival PLC (NYSE:CUK), Eastern Bankshares Inc. (NASDAQ:EBC) and Amrep Corp. (NYSE:AXR).

Citigroup director bought 10,000 shares

Director Lew W. Jacobs IV bought 10,000 shares of Citigroup on Oct. 14 for average price of $44.09. The share price has decreased by 2.04% since then.


Citigroup is an American banking and financial services corporation. The company owns Citicorp, the holding company for Citibank, and several other international subsidiaries. The company is also a component of the S&P 100. The company has a market capitalization of $148.06 billion; as of Oct. 16, it traded at $110.13.

On Oct. 13, Citigroup reported financial results for the third quarter . Net income for the quarter totaled $3.2 billion, or $1.40 per diluted share, compared to a net income of $4.9 billion, or $2.07 per diluted share, during the prior-year quarter. Revenue totaled $17.3 billion, compared to sales of $18.6 billion during the same quarter last year.

Carnival director bought 10,000 shares

Director Richard Glasier bought 10,000 shares of Carnival stock on Oct. 14 for an average price of $14.05. The stock has fallen 14.09% since then.

Carnival is a British-American cruise operator and currently the world's largest travel leisure company. The company has a combined fleet of over 100 vessels across 10 cruise line brands. It is the only company in the world to be listed on both the S&P 500 and FTSE 100 indexes. The company has a market capitalization of $10.33 billion; as of Oct. 16, it traded at $12.07.

On Oct. 16, Carnival announced that Germany-based AIDA cruises will resume cruise operations in Italy on Oct. 17, becoming the second brand under the corporation to resume sailing. This follows the return of Italy-based Costa Cruises in early September. This resumption in service is part of a gradual approach by the company to restart operations regionally with limited itineraries and adjusted passenger capacities with enhanced health protocols in coordination with government and health authorities due to the Covid-19 pandemic.

Eastern Bankshares chief financial officer bought 150,000 shares

CFO James Burke Fitzgerald bought 150,000 shares of Eastern Bankshares on Oct. 14 for an average price of $10. Since then, the stock has climbed 19.1%.

Eastern Bankshares is an American financial services company that serves as the stock holding company for Eastern Bank, which has more than 110 locations serving communities in eastern Massachusetts, southern New Hampshire and Rhode Island. As of June 2020, the company had approximately $14 billion in total assets. The company has a market capitalization of $2.4 billion; as of Oct. 16, it traded at $11.91.

On Oct. 14, Eastern Bankshares announced it completed the mutual to stock conversion of Eastern Bank Corp. and the offering of common stock of the company. The company sold 179,287,828 shares of common stock at $10 per share in the offering, totaling proceeds of approximately $1.79 billion. The company's stock began trading on the Nasdaq Global Select Market under the symbol EBC.

Amrep director bought 3,500 shares

Director Edward B. Cloues II bought 3,500 shares of Amrep on Oct. 13 for an average price of $6.43 per share. The stock has gained 9.35% since then.

Amrep is an American land development and media services company that operates through two subsidiaries, AMREP Southwest Inc. and Kable Media Services Inc. The company purchased 55,000 acres of land just north of Albuquerque, New Mexico, shortly after its incorporation and dubbed the new town Rio Rancho, New Mexico. The company is also a component of the Russell Microcap Index. The company has a market capitalization of $52.28 million; as of Oct. 16, it traded at $13.80.

On Sept. 9, Amrep reported financial results for the first fiscal quarter of 2021, which ended July 31, 2020. Net income for the quarter totaled $593,000, or 7 cents per share, compared to a net loss of $196,000, or 2 cents per share, for the same quarter a year ago. Revenue for the quarter totaled $4.206 million, compared to revenue of $4.767 million during the prior-year quarter.

For the complete list of stocks that were bought by their company executives, go to insider trades.

Disclosure: I do not own stock in any of the companies mentioned in the article.

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This article first appeared on GuruFocus.