Insiders are snapping up regional bank stocks following the crisis in the sector, according to a Raymond James analysis. Since the start of the crisis in March, net purchases among insiders have reached record levels, analyst Michael Rose wrote in a Monday note. During the period between March 10 and May 15, shares purchases totaled 2.3 million shares, while shares sold reached 335,000 shares. That's a pretty rare occurrence, the analyst said.
"We believe open market purchases by those with direct and in-depth knowledge of a company can express confidence in the stock , credit performance through this crisis, and/or a view of an improved competitive position, as management teams/Board members are putting their proverbial 'money where their mouth is,'" Rose added. Raymond James surfaced stocks that have seen the greatest insider activity since the start of the crisis. Here are the top 10.