Suncorp Group Ltd (ASX: SUN) shares have had a volatile year so far, and insiders appear to have taken advantage of their most recent downturn.
The stock plunged 20% between its May high â $12.37 â and its late-September low â $9.85 â before turning it all around, surging to close October 14% higher than it started.
Right now, the Suncorp share price is $11.75, around 2% higher than it was at the start of 2022. For comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen 7.9% over the course of this year.
Some of the company’s insiders appeared quick to take advantage of the stock’s recent lows.
They spent more than $320,000 combined on Suncorp stock last month. Let’s take a closer look.
The insiders buying Suncorp shares in October
Suncorp stock has been the subject of insider buying over the last 30 days, with two of the company’s directors bolstering their holdings.
Duncan West was first off the rank. The director indirectly snapped up 24,565 Suncorp shares on-market on 4 October, paying $10.17 apiece. That saw the parcel with a total value of nearly $250,000.
Sylvia Falzon soon followed, indirectly buying 7,000 Suncorp shares on-market on 7 October, paying $10.34 apiece to do so. Her parcel, therefore, was valued at slightly more than $72,000.
Since bolstering their portfolios, the value of West’s newly acquired stock has increased an impressive 14.6% while that of Falzon has lifted 12.8%.
Indeed, the Suncorp share price is trading within 2% of its July high, reached on news of the sale of Suncorp Bank.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) is set to take on the banking business for $4.9 billion. The transaction is expected to be finalised next year.
Suncorp has said it will likely return most of the profits to shareholders.
The Suncorp share price was also dampened in August on the release of the company’s financial year 2022 earnings.
The post Have insiders been loading up on Suncorp shares recently? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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