US non-exec buys Barclays shares

Barclays non-executive director Reuben Jeffrey III acquired 8,500 American Depository Shares at $19.20 each following the recent results of the bank.

Each ADS is equivalent to four shares so the American has acquired 34,000 shares at 304p each. This cost a total of £103,000.

On top of this, Jeffrey, along with the other non-executive directors, used part of his director fees to buy 2,668 shares at 294.15p each. His total shareholding is equivalent to 62,841 shares.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Jeffrey is a senior adviser at the Center for Strategic & International Studies in Washington, DC and before that was in the US government as Under Secretary of State for Economic, Energy and Agricultural Affairs. He previously worked for Goldman Sachs.

The Barclays figures for 2009 were greeted positively. Profit before tax exceeded market expectations at £11.64bn, up from £6.08bn in 2008, helped by a £6.33bn profit on the disposal of Barclays Global Investors. Underlying pre-tax profit surged to £5.63bn from £1.64bn the year before.

The group said the performance was driven by 'very strong income performance and cost containment.'

Income hit a record level of £30.99bn, up 34% on 2008's £23.12bn.

Income at Barclays Capital (BarCap) grew 84% to £17.86bn from £9.86bn in 2008. BarCap's profit before tax jumped 89% to £2.46bn from £1.30bn, after absorbing £1,820m of own credit losses (2008: gain of £1,663m).

Analysts were mainly positive about the results. Most rate the shares a buy. Goldman Sachs rates Barclays shares as neutral but its target price of 348p a share is still well above the current share price.

Top Director Buys

Dart Group (DTG) Director name: Mr Mark LaurenceAmount purchased: 100,000 @ 45.00p Value: £45,000

CML Microsystems (CML) Director name: Mr Ronald J ShashouaAmount purchased: 40,525 @ 35.00p Value: £14,184

Barclays (BARC)Director name: Reuben Jeffrey IIIAmount purchased: 34,000 @ 303.79Value: £103,289

Top Director Sells

ARM Holdings (ARM) Director name: Mr Simon SegarsAmount sold: 305,198 @ 194.52p Value: £593,671

Imperial Tobacco Group (IMT) Director name: Mr Gareth DavisAmount sold: 23,323 @ 2,057.00p Value: £479,754

ARM Holdings (ARM) Director name: Mr Simon SegarsAmount sold: 241,540 @ 194.46p Value: £469,699

ARM Holdings (ARM) Director name: Mr Simon SegarsAmount sold: 237,000 @ 194.37p Value: £460,657

ARM Holdings (ARM) Director name: Mr Simon SegarsAmount sold: 224,000 @ 195.10p Value: £437,024

Victrex (VCT) Director name: Mr D R HummelAmount sold: 43,408 @ 811.00p Value: £352,039

Imperial Tobacco Group (IMT) Director name: Mr Robert DyrbusAmount sold: 14,800 @ 2,057.00p Value: £304,436

Imperial Tobacco Group (IMT) Director name: Mr Graham BlashillAmount sold: 10,597 @ 2,057.00p Value: £217,980

Victrex (VCT) Director name: Mr Michael PeacockAmount sold: 25,769 @ 811.00p Value: £208,987

Imperial Tobacco Group (IMT) Director name: Ms Alison CooperAmount sold: 3,629 @ 2,057.00p Value: £74,649