$32M Bet On This Utilities Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Tuesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Valley National Bancorp

• The Trade: Valley National Bancorp VLY Director Jennifer W Steans acquired a total of 150,000 shares an average price of $10.04. To acquire these shares, it cost around $1.51 million.
• What’s Happening: Valley National posted weaker-than-expected quarterly earnings.
• What Valley National Bancorp Does: Valley National Bancorp is a bank holding company whose principal wholly-owned subsidiary is Valley National Bank.

Dave

• The Trade: Dave Inc. DAVE CFO & Secretary Kyle Beilman acquired a total of 1,500 shares at an average price of $6.90. To acquire these shares, it cost around $10.35 thousand.
• What’s Happening: The company posted downbeat quarterly sales.
• What Dave Does: Dave Inc is engaged in offering banking app that offers its customers banking, financial insights, overdraft protection, building credit, and finding side gigs.

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Southwest Gas Holdings

• The Trade: Southwest Gas Holdings, Inc. SWX 10% owner Icahn Partners Master Fund LP bought a total of 539,022 shares at an average price of $59.39. To acquire these shares, it cost around $32.02 million.
• What’s Happening: Southwest Gas reported pricing of $207.7 million public offering of 3,576,180 shares of common stock at a price of $60.12 per share.
• What Southwest Gas Does: Southwest Gas Holdings Inc is a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest.

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