Over $18M Bet On This Financial Services Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed sharply higher on Friday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Loews

• The Trade: Loews Corporation (NYSE:L) Sr. VP, Corp Dev and Strategy Benjamin J Tisch acquired a total of 330,000 shares an average price of $56.91. To acquire these shares, it cost around $18.78 million.
• What’s Happening: Loews reported first-quarter 2023 EPS of $1.61, up from $1.29 a year ago.
• What Loews Does: Loews Corp is a holding company that is supported by a variety of businesses. Its largest subsidiary is CNA Financial Corporation, a property and casualty insurance company.

Howard Hughes

• The Trade: The Howard Hughes Corporation (NYSE:HHC) Director William Ackman acquired a total of 52,510 shares at an average price of $74.37. To acquire these shares, it cost around $3.91 million.
• What’s Happening: Howard Hughes posted a narrower-than-expected quarterly loss.
• What Howard Hughes Does: The Howard Hughes Corp is a real estate company that develops master-planned communities (MPCs) and is involved in other strategic real estate development opportunities across the United States.

Don’t forget to check out our premarket coverage here

Hibbett

• The Trade: Hibbett, Inc. (NASDAQ:HIBB) President and CEO Michael E Longo bought a total of 7,500 shares at an average price of $36.17. To acquire these shares, it cost around $271.27 thousand.
• What’s Happening: Hibbett reported first-quarter FY23 sales growth of 7.4% year-on-year to $455.50 million, missing the consensus of $460.40 million.
• What Hibbett Does: Hibbett Inc is engaged in the retail of sports goods. The company operates small to midsize stores and focuses its business on the South, Southwest, mid-Atlantic, and Midwest areas of the country.

Check This Out: Dow Rises Sharply Following Jobs Data But Investor Sentiment Drops