Regional bank executives buying shares in their own companies hit a three-year high in the United States during the second quarter of 2023 as they rushed to restore investor confidence in their firms following the collapse of Silicon Valley Bank.
A total of 778 executives and other company officers bought own bank shares in the second quarter through May 26, compared with 524 buyers during all of first quarter of 2023, when the collapse of three regional lenders sparked a massive selloff in U.S. bank stocks, data from VerityData showed.
"Insiders should have a pretty good sense of how their own deposit base is holding up, so we wouldn't expect purchases if things were falling apart behind the scenes," Eric Compton, equity strategist at Morningstar, said.Markets tend to track trading activity of executives and other shareholders of a company as investors believe the insiders have more information of the company's outlook.
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