Insiders Buying FB Financial And 2 Other Stocks

Although U.S. stocks closed higher on Thursday, 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.

FB Financial

• The Trade: FB Financial Corporation FBK 10% owner James Ayers acquired a total of 2,000 shares an average price of $35.29. To acquire these shares, it cost around $70,580.
• What’s Happening: Hovde Group analyst Brett Rabatin recently downgraded FB Financial from Outperform to Market Perform and announced a $40 price target.
• What FB Financial Does: FB Financial Corp is a bank holding company. The company through its wholly-owned bank subsidiary provides commercial and consumer banking services to clients in select markets in Tennessee, North Alabama, and North Georgia.

Smith Douglas Homes

• The Trade: Smith Douglas Homes Corp. SDHC Brett A. Steele acquired a total of 12,143 shares at an average price of $21.00. To acquire these shares, it cost around $105,000.
• What’s Happening: Smith Douglas Homes recently priced its initial public offering of 7,692,308 class A common shares at $21 per share.
• What Smith Douglas Homes Does: Smith Douglas Homes Corp is a company engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern United States.

Don’t forget to check out our premarket coverage here

Chemung Financial

• The Trade: Chemung Financial Corporation CHMG Director Joseph Meade IV bought a total of 582 shares at an average price of $48.11. To acquire these shares, it cost around $28,000.
• What’s Happening: Chemung Financial, during October, posted upbeat quarterly earnings.
• What Chemung Financial Does: Chemung Financial Corp is a bank holding firm. It provides financial services, including demand, savings, and time deposits, commercial, residential, and consumer loans, letters of credit, wealth management services, employee benefit plans, securities, and insurance brokerage services.

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