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Article: City National insiders snapping up stock, fueling takeover talk.
- Article from:
- American Banker
- Article date:
- August 18, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Recent insider buying of stock in City National Corp. has prompted questions about whether the Beverly Hills bank could be headed toward a takeover.
During July, three officers and directors snapped up 36,000 shares in the open market at around $10 a share, according to CDA/Investnet, Ft. Lauderdale, Fla., which tricks such actions. Significantly, the insiders were buying at prices much higher than they paid a few months ago. City National's stock closed Wednesday at $10.50, up 40% from its yearend price.
"Averaging up [in price] by insiders is one of the rarest, and strongest, statements that can be made about any stock," said Robert Gable, president of ...