Two Harbors Insiders Buy Stock
Shares of Two Harbors Investment Corp. (NYSE:TWO) started low on Friday but were up at close, which it appears company insiders may have expected, considering the hundreds of thousands of dollars' worth of stock they recently purchased.
The company also announced it priced a public offering of 50 million common stock shares at $10.44 per share, with total gross proceeds of about $522 million. Two Harbors gave the underwriters a 30-day window to purchase another 7.5 million shares of its common stock, which would be used to cover overallotments if they arise. This offer will likely expire on July 18, 2012.
The net proceeds are expected to be used to buy up more residential mortgage-supported securities, residential mortgage loans and residential properties, as well as properties used for general corporate purposes.
The announcement came after an earlier statement by the company that said it planned to offer only 35 million shares of stock.
In the last three months, company insiders have purchased a total of $337,060 through insider buys, with shares ranging from $10.05 to $10.28.
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