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The Financial Select Sector SPDR ETF (NYSEARCA:XLF) was trading as low as $5.88 in March 2009. The index is currently trading at $20.42 or 247.3% above the low made in March 2009.

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In this article, I will feature one bank that has seen intensive insider buying during the last 30 days. Intensive insider buying can be defined by the following three criteria:

  1. The stock is purchased by three or more insiders within one month.

  2. The stock is sold by no insiders in the month of intensive purchasing.

  3. At least two purchasers increase their holdings by more than 10%.

Suffolk Bancorp (NASDAQ:SUBK) operates as the holding company for Suffolk County National Bank, which provides domestic, retail and commercial banking services, as well as wealth management services in Suffolk County, New York.

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Insider buying by insider (last 30 days)

  • Michael Orsino purchased 1,000 shares on August 7, and currently holds 4,973 shares or less than 0.1% of the company. Michael Orsino is Executive Vice President & Chief Lending Officer.
  • James Gay purchased 1,500 shares on August 7, and currently holds 5,000 shares or less than 0.1% of the company. James Gay is Executive Vice President & Chief Credit Officer.
  • Steven Cohen purchased 1,000 shares on August 7, and currently holds 4,520 shares or less than 0.1% of the company. Steven Cohen serves as a director of the company.
  • Howard Bluver purchased 3,000 shares on August 7, and currently holds 28,000 shares or 0.2% of the company. Howard Bluver is President & Chief Executive Officer.

Insider buying by calendar month

Here is a table of Suffolk Bancorp's insider-trading activity by calendar month.

MonthInsider buying / sharesInsider selling / shares
August 20136,7580
July 2013720
June 2013760
May 20132,5580
April 20135,4820
March 20134320
February 20136,7590
January 20133170

There have been 22,454 shares purchased and there have been zero shares sold by the insiders this year.

Financials

The company reported the second-quarter financial results on July 24, with the following highlights:

Net income$2.8 million
Book value$13.74 per share
Tangible book value$13.49 per share

Competition

Suffolk Bancorp's competitors include First of Long Island Corp. (NASDAQ:FLIC), JPMorgan Chase & Co. (NYSE:JPM) and New York Community Bancorp (NYSE:NYCB). Here is a table comparing these companies.

CompanySUBKFLICJPMNYCBIndustry Average (Regional - Northeast Banks)
Market Cap:214.91M336.98M206.22B6.78B73.43M
Employees:373255254,0633,458185.00
Qtrly Rev Growth (yoy):-0.17-0.180.15-0.050.09
Revenue:56.24M64.43M94.04B1.39B30.09M
Operating Margin:0.000.350.370.570.28
Net Income:-1.64M20.78M22.90B488.13MN/A
EPS:-0.152.295.981.110.90
P/E:N/A16.199.1213.8114.93
PEG (5 yr expected):N/A2.221.562.672.82
P/S:3.825.232.194.892.96

Suffolk's P/S ratio is above the industry average. First of Long Island Corp. and New York Community Bancorp have seen insider selling during the past 30 days. JPMorgan Chase & Co. has seen intensive insider selling during the past 30 days. This makes Suffolk the only bank out of these four banks that has seen insider buying during the past 30 days.

Conclusion

There have been four different insiders buying Suffolk and there have not been any insiders selling Suffolk during the past 30 days. All four of these insiders increased their holdings by more than 10%. Suffolk has an insider ownership of 1.10%. The 200-day moving average is currently at $14.93, which could be a good entry point for Suffolk.

Source: Insiders Are Buying Suffolk Bancorp