Perhaps nothing instills more confidence in the minds of investors than company insiders using their own money to buy shares of their company’s stock. That’s why shareholders of JP Morgan Chase & Co.(JPM), Wynn Resorts, Limited (WYNN) and Zillow Group (Z) must be thrilled to see the massive insider buying by top insiders at the three companies in recent weeks.
Let’s take a look at which top insiders are buying and what their big investments might mean for JPM, Zillow Stock, and Wynn Resorts shares.
J.P. Morgan Chase (JPM)
Just last month, high-profile CEO and Chairman of the Board at JPM, Jamie Dimon, disclosed a purchase of more than $26.5 million in JPMorgan stock. In addition to Dimon’s purchase, one of the bank’s directors, James Crown, also has a pair of insider buys in 2016 totaling more than $846,000.
Bank stocks have been hit particularly hard during the market sell-off, and JPM is now down 10.7% year-to-date. Both Democratic frontrunners Hillary Clinton and Bernie Sanders, as well as new Federal Reserve Bank of Minneapolis President Neel Kashkari, have spoke out recently in favor of breaking up the “too big to fail” U.S. banks. In addition, the banks have sold off on fears that global economic instability, particularly in China, could put a halt to the U.S. Federal Reserve’s interest rate tightening cycle.
While the market seems concerned about JPM and the other big banks, Dimon and Crown apparently see the dip as personal buying opportunities, a reassuring thought for other shareholders.
Wynn Resorts (WYNN)
For the past three months, WYNN CEO Steve Wynn has been buying…
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