Imperial Holdings, Inc. (NYSE:IFT) & Travelport Worldwide Ltd (NYSE:TVPT) have seen massive insider purchases taking place recently. Imperial Holdings, Inc. (NYSE:IFT) is being bought by institutional investors who are bullish on the stock and already had the stock in their portfolios. Travelport Worldwide Ltd (NYSE:TVPT) debuted in the stock markets on September 26 and a large quantity of its shares are being bought by the Directors of the company. Let’s explore each of the insider purchases in detail.
Imperial Holdings, Inc. (NYSE:IFT) is a $137 million market cap, specialty finance company that focuses on structured settlements and providing premium finance. Between September 9 and September 19, James M Chadwick, a director of Imperial Holdings, Inc. (NYSE:IFT) purchased shares of the company in several tranches as a principal of Ancora Catalyst Fund LP. Even prior to these purchases, Chadwick owned 12,427 shares of the company directly, which he continues to hold. On September 10 Chadwick purchased 28,000 shares of the company at an average price of $6.50 per share, on September 11 he purchased 30,046 shares at an average price of $6.33 per share, on September 16 he again purchased 75,000 shares at an average price of $6.57 per share, and finally on September 19 Chadwick bought another 1,954 shares at an average price of $6.38 per share. With these purchases, Chadwick through Ancora Catalyst Fund LP owns a total of 135,000 shares of Imperial Holdings, Inc. (NYSE:IFT).
Phillip Goldstein, Andrew Dakos and Steven Samuels’s Bulldog Investors is one of the institutional investors that is also quite bullish on Imperial Holdings, Inc. (NYSE:IFT). As of June 30, 2014, the fund owned over 2.29 million shares of the company. Moreover, between September 19 and October 1, Phillip Goldstein, who is also a director of Imperial Holdings, Inc. (NYSE:IFT), purchased even more shares as a principal of Bulldog Investors, LLC. On September 19 Goldstein purchased 10,000 shares of the company at an average price of $6.38 per share, on September 25 he purchased 100 shares at an average price of $6.36 per share, on September 26 he further purchased 856 shares at an average price of $6.36 per share, and finally on October 1 he purchased 5,481 shares of the company at the same price. Accounting for these purchases, Phillip Goldstein owns a total of 2,369,873 shares through various entities under Bulldog Investors. He also owns 118,154 shares of the company directly.
Travelport Worldwide Ltd (NYSE:TVPT) is a 1.83 billion market cap, e-commerce provider for the global travel industry. The company got listed on the New York Stock Exchange on September 26. On September 30, two directors of the company purchased its shares for the first time. Douglas A Hacker acquired 15,625 shares and Michael J Durham acquired 10,000 shares of Travelport Worldwide Ltd (NYSE:TVPT) at an average price of $16.00 per share. Based on the data submitted by Travelport Worldwide Ltd (NYSE:TVPT) before the IPO, it has a negative EPS of $0.88 and 28% of all shares of the company are currently owned by institutional investors.
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