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REIT Insiders Buy Shares Despite Market Turmoil
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Janet Morrissey
If actions speak louder than words, then the stock-buying activity of certain real estate investment trust executives may be sending a message that certain REITs have been oversold........ anytime you see insider buying, when they're not just exercising options,'' said Lou Taylor, an analyst in the Greenwich, Conn., office of Deutsche Bank Securities Inc. of New York. ``There are some incredibly cheap stocks, which have covered ...
.....Angela Thomson, a certified financial planner and principal at Coastal Financial Planning Inc. in Lincoln, R.I., is cautious about REITs despite the insider-buying activity.
``At this point, with my clients, it doesn't make a difference to me,'' she said. ``You don't know that management isn't making a mistake.''
Still, Ms. Thomson said that the insider buying at Public Storage, a self-storage REIT in Glendale, Calif., is the exception. ``People are still moving out of their houses fast and furious because of foreclosures, so I would say Public Storage would probably be a good [buying] opportunity right now,'' she said.
E-mail Janet Morrissey at jmorrissey@investmentnews.com
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