Forbes Magazine’s DividendChannel.com took note Friday of what it called strong insider buying at Riverview Bancorp, Inc., Vancouver-based parent of Riverview Community Bank.
Three board members made large stock purchases on three consecutive days last week, in what could be a sign that the stock is undervalued.
The Forbes report indicated that Riverview Bancorp board chairman and chief executive officer Patrick Sheaffer purchased 11,061 shares while directors Jerry C. Olson and Bessie Ross Wills each purchased 2,000 shares. The purchases were made Tuesday through Thursday at prices ranging from $2.21 to $2.29 per share.
The publication said that such a “cluster-buy,” or purchase by three or more insiders within a short time, is typically a strong indication that stock is undervalued. It notes that Riverview’s stock price over the last 52 days ranged from $2 to $3.34 per share.