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We’ve looked at, reported on, and acted on recent property sector ‘insiders’ activity (click on ‘real estate’ tag to the left).
Now Anthony Bolton, guru portfolio manager, tells us he is doing the same thing, namely buying property stocks. Follow this link to The Times article.
Bolton has an awesome reputation, so please listen to him.
On November 16th we saw Gt Portland director Peskin buying £1.6m worth of shares (see ‘Another buy by Real Estate sector director’). Since then he has continued to buy, investing a further £1.1m at prices between 458p and 477p.
Gt Portland CEO and CFO Toby Courtauld and Tim Drakesmith have also pulled their chequebooks out. The CEO and Executive Director of Derwent (DLN) too have been active, investing over £500k between them, as have directors at Minerva (MNR) and Real Estate Investors (RLE).
However not all insiders believe the sector is cheap. Note Robert Bowden of British Land (BLND), selling 100,000 at 840p, about 1/5th of his total holding.
The jury is clearly still out, but as I noted on November 19th, I needed one more director to buy shares, and we’ve seen that in Silver and Burns of Derwent London.
Disclosure: I have a position in GPOR
With the real estate sector underperforming the banks by 10 points (-32% last six months, banks -23%) we might also want to look for some indicators that the underperformance is coming to an end. The only news I can find is a non exec at Hammerson (HMSO), Clare, who more than doubled is holding in the group by investing £102k at prices close to £10. Considering executive board members managed to get out at prices in the £15-£16 range, I think this purchase is significant.
But…. this is the only guy buying, and to make a confident call, I’d love to see some of those executive directors buying back stock, before I do. So Hammerson goes on the ‘watchlist’ pending further news.