Financial Insiders Record Fewest Unique Buyers in Nearly 23 Years

Financial-sector insiders recorded the fewest unique buyers in nearly 23 years during the third quarter, a sign of unusually limited buying participation before major U.S. banks report results.

There were 298 unique buyers in the quarter, the fewest in the 91-quarter record and below the prior low of 302 in Q3 2024. Financial-sector sellers totaled 749, a level above normal but not unprecedented.

That produced a seller-to-buyer ratio of 2.51 to 1, about 2.1 times the 22-year average. Across all tracked U.S. companies, the number of unique insider buyers fell 18% to 1,290 in the third quarter from 1,580 in the second quarter.

Executives’ purchases are commonly read as signs of confidence because they put their own money into the business. Sales provide a less clear signal because taxes, diversification and scheduled trading plans can drive them.

Historically, XLF rose during the year after each of the five quarters in which the ratio reached 2.3 to 1 or higher, beating the Wilshire 5000 four times.

JPMorgan Chase is scheduled to release third-quarter results at about 7 a.m. ET (11:00 UTC) Oct. 13, followed by an earnings call at 8:30 a.m. ET (12:30 UTC). Goldman Sachs is scheduled to report at about 7:30 a.m. ET (11:30 UTC) that day, with a call at 9:30 a.m. ET (13:30 UTC).

Morgan Stanley is scheduled to report at about 7:30 a.m. ET (11:30 UTC) Oct. 14, followed by a call at 9:30 a.m. ET (13:30 UTC).