Insiders tend to act as contrarians, buying when share prices fall. It is rare to see insider buying when a stock rises. However, we have seen just that at the Canadian Imperial Bank of Commerce. Director Katharine Berghuis Stevenson acquired 4,000 shares on Sept. 17. The buying comes even as CIBC has outperformed three out of the four other big banks over the past three months. The Bank of Nova Scotia was slightly ahead at time of writing.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
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Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Ted Dixon