Are CommunityOne Bancorp Directors Looking for a Rebound?
CommunityOne Bancorp directors: Earlier this week, Austin A. Adams, Director at COMMUNITYONE BANCORP (NASDAQ:COB), purchased 255 shares of common stock, at a price of $7.35 each, for a total transaction worth $1,874 approximately. The latest transaction has taken Mr. Adams’ total shares in the company to 9,859, or a capital investment of around $95,928.
Mr. Adams has made just one other purchase this year (2013-08-20) for 229 shares of common stock, at a price of $8.17, for a total transaction worth $1870. Besides Mr. Adams, however, John Bresnan, Director at CommunityOne Bancorp, made two purchases this week. The first transaction amounted to 170 shares of common stock for a price of $7.35 each. The second transaction entailed 152 shares of common stock paying for each share $8.17. The combined value of both transactions summed up to $2491 approximately. Mr. Bresnan now holds a total of 422 shares of common stock.
CommunityOne Bancorp is surfing troubled times, and the purchases have to be understood in that context. Dividend payments have been suspended since 2011. Some answers can be found in negative net income and cash flow. The stock price is very well devalued when compared to prices registered between 2003 and 2005, and there are many doubts concerning its future outlook.
Disclosure: Jodor Jalit holds no position in any of the mentioned stocks.