Did Fifth Third Insiders Buy Stock On Privileged Information?
Shares of Fifth Third Bancorp (NASDAQ:FITB) rose on Wednesday after company announced a new buyback plan, and given the huge amount of insider trading that occurred in the weeks leading up to the announcement, it appears executives may have traded on information not available to the public.
The Ohio-based bank announced on Tuesday that the Federal Reserve has allowed it to raise its quarterly dividend to 10 cents per share, compared with the current 8 cents. This came after the Fed rejected a similar plan in March.
The plan entails buying back 100 million shares, and its expects to begin buying $350 million worth of it in the near future.
According to The Wall Street Journal, the company took the same approach to getting the measure approved that it did the first time around, which did not come as a surprise to many analysts.
According to insider trading reports filed with the SEC, John Schiff, director, sold on August 7 10,000 shares for $14.31 each for a total of $143,100.
Do you think Schiff and other officials had advanced knowledge of the approval?
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