Wednesday 5/13 Insider Buying Report: MCY, TCDA (Nasdaq.com)
At Mercury General, a filing with the SEC revealed that on Friday, Chairman of the Board George Joseph bought 29,883 shares of MCY, for a cost of $35.59 each, for a total investment of $1.06M. Joseph was up about 3.1% on the buy at the high point of today’s trading session, with MCY trading as high as $36.71 at last check today. Mercury General is trading off about 1.5% on the day Wednesday. Before this latest buy, Joseph made one other buy in the past twelve months, purchasing $2.94M shares at a cost of $38.93 a piece. And on Tuesday, Chief Financial Officer and EVP Geoffrey M. Parker bought $1.05M worth of Tricida, buying 35,000 shares at a cost of $30.09 a piece. Before this latest buy, Parker bought TCDA on 3 other occasions during the past year, for a total investment of $1.80M at an average of $32.79 per share. Tricida is trading down about 1.3% on the day Wednesday.
Broadridge Financial Solutions Inc (BR) Corporate SVP and CFO James M Young Sold $11.7 million of Shares (Guru Focus)
Corporate SVP and CFO of Broadridge Financial Solutions Inc., James M Young, sold 98,336 shares of BR on 05/12/2020 at an average price of $119.46 a share. The total sale was $11.7 million. Broadridge Financial Solutions Inc provides investor communications & technology-driven solutions to banks, broker-dealers and corporate issuers. Its services include investor & customer communications, securities processing & data & analytics solutions.
The Chairman and Acting President of Harley-Davidson (NYSE: HOG) is Buying Shares (Analyst Ratings)
Yesterday, the Chairman and Acting President of Harley-Davidson (HOG), Jochen Zeitz, bought shares of HOG for $2.08M. This recent transaction increases Jochen Zeitz’s holding in the company by 100% to a total of $2 million. This is Zeitz’s first Buy trade following 4 Sell transactions.
Only Fourteen Dow Components With Recent Insider Buying, XOM Is One Of Them (Forbes)
The officers and directors of a company tend to have a unique inside view into the business, so when these insiders make purchases, investors are wise to take notice. Presumably the only reason for a company insider to choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. Within the 30 components of the Dow Jones Industrial Average, only fourteen companies have experienced such buying over the trailing six month period, one of which was Exxon Mobil, where an investment totaling $1.1M was made by Vice President Neil W. Duffin. Duffin’s average cost works out to $36.41/share.
Morgan Stanley Smith Barney Charged With Providing Misleading Information to Retail Clients (HedgeCo.net)
(HedgeCo.Net) Morgan Stanley Smith Barney LLC (MSSB) has agreed to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs. MSSB has agreed to pay a $5 million penalty that will be distributed to harmed investors. Wrap fee programs offer accounts in which clients pay an asset-based “wrap fee” that covers investment advice and brokerage services, including trade execution. According to the SEC’s order, MSSB marketed its wrap fee accounts as offering clients professional investment advice, trade execution, and other services within a “transparent” fee structure. From at least October 2012 until June 2017, some of MSSB’s marketing and client communications gave the impression that wrap fee clients were not likely to incur additional trade execution costs. During that period, however, the order finds that some MSSB managers routinely directed wrap fee clients’ trades to third-party broker-dealers for execution, which in some instances resulted in MSSB clients paying additional transaction fees that were not visible to them. As a result of MSSB’s conduct, the order finds that certain MSSB clients were unable to assess the value of the services received in exchange for the wrap fee paid to MSSB.
