Three US banks, one large and two small, have recently been the subject of significant insider purchases.
Parke has about $2 billion in assets and a handful of branches in New Jersey and Philadelphia, while United Security, with “more than $1 billion in assets,” has 12 branches in California.
The purchases come as the broader market rally has retreated and the S&P 500 index has fallen to about the same level as a month ago. Shares of all three banks are underperforming the index’s 14% gain so far this year.
Aleem Gillani, director of US Bancorp paid $450,000 on July 18 for 10,000 shares, an average price of $44.99 each. It is Gillani’s first open market purchase as a member of the board, which he joined just a few days ago. earlier this monthHe was not required to buy so many shares so quickly after joining. US Bancorp allows new non-employee directors to hold for five years shares equal to five times the annual cash advance, which now stands at $100,000.
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US Bancorp did not make Gillani, a former CFO from SunTrust Banks, available for comment. SunTrust and BB&T
merged in December 2019 to form Truist Financial.
Vito S. Pantilione, President and CEO of Parke, paid $30,640 on July 23 for 1,600 shares, an average price of $19.15 each. He bought 1,000 shares through a personal account that now holds 217,760 shares, and 600 shares he purchased through a trust. Pantilione also owns 43,960 shares through a retirement account and another 15,640 shares through a 401(k) account.
Pantilione’s purchase may not seem substantial, but consider that he is a regular buyer of his bank’s stock, including 4,200 more shares earlier this year and 37,250 shares during the last decadeIn fact, his last stock sale was March 2013when Pantilione sold 32,230 shares for $228,800, an average price of $7.10 each.
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“I converted some options in 2013 because I had to pay tuition for my three children,” Pantilione wrote in an email regarding the stock sale. He added: “I have been president and CEO since the bank’s inception in 1999. I am fully committed to the bank’s continued growth and financial strength. That commitment, combined with the strength of the board and management, gives me the confidence to continue investing…even in difficult times.”
United Chief Security Officer Jagroop “Jay” Gill paid $1.1 million on July 24 for 140,380 shares, an average price of $7.96 each. Gill executed the transaction through a trust that now owns 1.2 million shares.
Gill, a United security officer Director since 2023is the President and CEO of Gill Automotive Group, which owns and operates 11 automobile dealerships in California and Hawaii. He has been buying United Security stock regularly since joining the bank’s board. Gill did not respond to a request for comment on his latest purchase.
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Inside Scoop is a periodic feature of Barron’s that covers stock transactions made by corporate executives and board members (called insiders), as well as large shareholders, politicians and other prominent figures. Because of their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory groups.
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