Imperial Holdings, Inc. (NYSE:IFT) Independent Chairman, Phillip Goldstein, Keep Increasing His Stake Directly And Indirectly

Benjamin Roussey - September 24, 2014

Boston, MA 09/24/2014 (wallstreetpr) – Specialty finance company, Imperial Holdings, Inc. (NYSE:IFT) Independent Chairman, Phillip Goldstein, has been on buying spree of the company’s shares both directly, as well as, indirectly. He has purchased the company’s shares for the fourth time in September. Another Director, James Chadwick also acquired significant number of shares in the current month.

Buys Shares

Imperial Holdings, Inc. (NYSE:IFT)’s Independent Chairman purchased 15,000 shares directly on September 19 at the rate of $6.38 a share from the open market, according to Form 4 filed with the SEC on September 23. On the same day, he has bought another 10,000 shares indirectly at the same rate. He has paid $95,600 for his direct purchase and $68,000 for his indirect acquisition of shares.

The acquiring price indicated that the Chairman has paid a premium of 35.5% from the 52-week low price of $4.71 and a discount of 11.5% over the one-year high price of $7.21. As a result of the latest purchase of shares, his direct holding increased to 118,154 shares worth around $760,912. Similarly, his indirect holding through two sources increased to 2.36 million shares valued about $15.22 million based on the price of $6.44.

Before the latest purchase, Goldstein has bought 9,363 shares in September. His colleague in the company and Director, James Chadwick, also acquired 135,000 shares in the current month. This is roughly valued around $869,400.

One-Year Insider Trading

According to a Nasdaq data, there were twelve open market insider trading activities in the last three-month period. All the transactions represented acquisition of 177,298 shares. There was no selling activity in the three-month period.

However, in the 12-month period there were three transactions of insider selling shares in the open market. There were 45 transactions of insider trading and 42 represented buying of shares. As a result, 396,637 shares were purchased compared to the sale of 214,056 shares. This leaves a net buying activity of 182,581 shares by the insiders during the last 52-week period.

The latest buying activities and the net buying by the insiders could suggest that there are little chances of the stock going downwards, and there are more possibilities for upside potential.

Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.

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