The number of U.S. regional bank insiders purchasing shares in their own companies reached a three-year high during Q2, in what appears to be a vote of confidence in the sector after the recent collapse of a few regional lenders, according to research firm VerityData.
The number of insider buyers jumped to 778 in Q2 through May 26 from 524 during all of Q1, Reuters recently reported, citing the VerityData research. The magnitude of this buying frenzy has not been seen since Q1 2020, when the onset of COVID-19 prompted a stock-market selloff. During Q2 through May 26, 2023, some 244 banks experienced heavy insider buying, including US Bancorp (USB), Zions Bancorp (ZION), SoFi Technologies (SOFI) and East West Bancorp (EWBC).
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