Stock purchases by corporate insiders surged amid last month's banking crisis, a potentially bullish sign for the market.
While insiders often plan stock transactions in advance, the surge in purchases is seen as an optimistic signal that the sell-off in the wake ofBank stocks in particular were hit hard by the biggest bank failure since the Great Financial Crisis, though SVB was particularly exposed to the tech sector and startups.
Separate data from investment-research firm VerityData showed that last month's insider stock purchases were concentrated at regional lenders like PacWest and Fifth Third. PacWest sold off hard in March along with shares of First Republic after SVB crashed, as fears of widespread bank weakness drove investors away.