‘Buy the dip’ has not become the ubiquitous phrase it is for no reason. With bank stocks recently falling in unison whether they are in danger of meeting the same fate as SVB and Signature bank or not, there are plenty of ‘buy the dip’ opportunities investors can take advantage of right now.
And that’s what one CEO has been doing. Having watched shares of his firm Charles Schwab drop by more than 30% since the crisis began, CEO Walter Bettinger said on Tuesday that he purchased 50,000 shares for his own personal account. Bettinger also said he was not alone in doing so, claiming the bank’s clients were also loading up on SCHW shares.
It looks like the buying action has not been reserved for the online brokerage, either. Elsewhere, bank insiders have been busy scooping up shares of their own stocks, evidently feeling the pullback is too good to resist. If the insiders are loading up, that sends a strong signal to investors they must believe their company shares are undervalued.
In light of this, we dipped into the Insiders’ Hot Stocks tool at TipRanks and got the lowdown on three bank stocks showing some strong insider buying activity. Here are the details.
Fifth Third Bancorp (FITB)