Last week’s top five stocks that were bought by their CEOs were Valley National Bancorp, Huntington Bancshares Inc, Verizon Communications Inc, FIFTH STREET FINANCE, and Acorn Energy Inc. According to GuruFocus Insider Data, these are the largest CEO buys during the past week.
Valley National Bancorp (NYSE:VLY): Chairman, President and CEO Gerald H Lipkin Bought 56,610 Shares
Chairman, President and CEO of Valley National Bancorp (NYSE:VLY) Gerald H Lipkin bought 56,610 shares on 01/26/2010 at an average price of $13.75. Valley National Bancorp is a bank holding company whose principal subsidiary is Valley National Bank. The company has a market cap of $2.1 billion; its shares were traded at around $13.75 with a P/E ratio of 20.8 and P/S ratio of 2.6. The dividend yield of Valley National Bancorp stocks is 5.5%. Valley National Bancorp had an annual average earning growth of 0.6% over the past 5 years.
Valley National Bancorp recently reported net income for the fourth quarter of 2009 of $32.1 million, $0.19 per diluted common share, compared to fourth quarter of 2008 earnings of $16.9 million, $0.10 per diluted common share. Diluted earnings per common share were reduced by other-than-temporary impairment on securities totaling $1.0 million (less than $0.01 per common share) for the fourth quarter of 2009, as compared to $17.5 million ($0.08 per common share) for the fourth quarter of 2008.
Richard Snow owns 11,024 shares as of 09/30/2009, which accounts for 0.01% of the $2.47 billion portfolio of Snow Capital Management, L.P..
Eric P Edelstein bought 4,000 shares of VLY stock on 01/28/2010 at the average price of 14.07, the price of the stock has decreased by 2.27% since. Other insiders have also increased their positions in the company.
Huntington Bancshares Inc. (NASDAQ:HBAN): President, CEO & Chairman Stephen D Steinour Bought 102,000 Shares
President, CEO & Chairman of Huntington Bancshares Inc. (NASDAQ:HBAN) Stephen D Steinour bought 102,000 shares on 01/26/2010 at an average price of $4.79. Huntington Bancshares is a multi-state bank holding company. Its subsidiaries conduct a full-service commercial and consumer bankingbusiness, engage in mortgage banking, lease financing, trust services, discount brokerage services, underwriting credit life and disability insurance, selling other insurance products, and issuing commercial paper guaranteed by Huntington, and providing other financial products and services. Huntington Bancshares Inc. has a market cap of $3.43 billion; its shares were traded at around $4.79 with and P/S ratio of 1.4. The dividend yield of Huntington Bancshares Inc. stocks is 0.8%.
Huntington recently reported its fourth quarter results. The company announced that it had a fourth quarter net loss of $369.7 million, or $0.56 per common share. This compared with a net loss of $166.2 million, or $0.33 per common share in the 2009 third quarter and a net loss of $417.3 million, or $1.20 per common share in the year-ago quarter. Average common shares on a fully diluted basis in the current quarter were 715.3 million, up 125.6 million (21%) and 349.3 million (95%) from the prior and year-ago quarters, respectively. To strengthen capital, during 2009, the company raised $1.7 billion of capital, including $1.3 billion of common equity through the issuance of 346.8 million common shares.
Steve Mandel bought 7,300,000 shares in the quarter that ended on 09/30/2009, which is 0.43% of the $8.05 billion portfolio of Lone Pine Capital.
Sr. EVP & Chief Risk Officer Kevin M Blakely bought 5,000 shares of HBAN stock on 01/28/2010 at the average price of $5.05, and the price of the stock has decreased by 5.15% since. Other insiders have also increased their positions in the company.
Verizon Communications Inc. (NYSE:VZ): EVP and Pres. & CEO JV Lowell C Mcadam Bought 15,000 Shares
EVP and Pres. & CEO - VZW JV of Verizon Communications Inc. (NYSE:VZ) Lowell C Mcadam bought 15,000 shares on 01/28/2010 at an average price of $29.42. Verizon Communications, formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of high-growth communications services. Verizon has a market cap of $83.57 billion; its shares were traded at around $29.42 with a P/E ratio of 11.9 and P/S ratio of 0.9. The dividend yield of Verizon Communications Inc. stocks is 6.5%. Verizon Communications Inc. had an annual average earning growth of 2.4% over the past 10 years.
Verizon recently reported its fourth quarter 2009 results. The company announced that it had a loss of 23 cents in diluted earnings per share (EPS), compared with EPS of 43 cents per share in the fourth quarter 2008. Contributing to the loss was a special item of $3.0 billion in pre-tax costs related to workforce reductions. On an adjusted basis (non-GAAP), fourth-quarter 2009 EPS was 54 cents, compared with 61 cents in the fourth quarter 2008.
George Soros owns 4,578,953 shares as of 09/30/2009, an increase of 669.76% from the previous quarter. This position accounts for 3.14% of the $4.41 billion portfolio of Soros Fund Management LLC. Tweedy Browne sold out his holdings in the quarter that ended on 09/30/2009.
FIFTH STREET FINANCE (NASDAQ:FSC): CEO & President Leonard M Tannenbaum Bought 25,000 Shares
CEO & President of FIFTH STREET FINANCE (NASDAQ:FSC) Leonard M Tannenbaum bought 25,000 shares on 01/27/2010 at an average price of $10.95. FIFTH STREET FINANCE CORP. is a specialty finance company that lends to and invests in small and mid-sized companies in connection with an investment by private equity sponsors. Fifth Street Finance Corp.'s investment objective is to maximize its portfolio's total return by generating current income from its debt investments and capital appreciation from its equity investments. Fifth Street Finance has a market cap of $414.7 million; its shares were traded at around $10.95 with a P/E ratio of 8.3 and P/S ratio of 8.2. The dividend yield of Fifth Street Finance stocks is 10%.
Fifth Street Finance recently reported its second quarter results. The company announced that its net investment income for the quarter was $7.9 million, or 35 cents per share, compared to $5.1 million a year ago.
David Einhorn owns 2,284,492 shares as of 09/30/2009, which accounts for 0.96% of the $2.6 billion portfolio of Greenlight Capital Inc.
Fifth Street Finance’s CCO, Exec. V.P.& Sec Bernard D Berman bought 1,000 shares of FSC stock on 12/16/2009 at the average price of 10.25.
Acorn Energy Inc. (ACFN): President and CEO John A Moore Bought 25,000 Shares
President and CEO of Acorn Energy Inc. (ACFN) John A Moore bought 25,000 shares on 01/26/2010 at an average price of $6.27. Acorn Energy, Inc. (formerly known as Acorn Factor, Inc.) specializes in acquiring & accelerating the growth of emerging ventures that promise improvement in the economic & environmental efficiency of the energy sector. Acorn Energy has a market cap of $73 million; its shares were traded at around $6.27 with and P/S ratio of 3.6.
Acorn Energy recently reported its second quarter results. The company announced that its revenue was up 116% to $7.78 million, and its quarterly and six month gross profit also increased by 238% and 183% respectively.
Director Richard S Rimer bought 5,000 shares of ACFN stock on 10/28/2009 at the average price of 7.69, and the price of the stock has decreased by 18.47% since.
For the complete list of stocks that bought by their company CEOs, go to: CEO Buys.
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys:: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.