Three articles in Globe and Mail over past two weeks about executives at two biggest Canadian Banks (BMO and CIBC) selling. Latest article today:
Bank of Montreal (BMO-T)On Sept. 4, chief human resources officer Richard Rudderham exercised his options and sold the corresponding number of shares received (total of 24,359) at a price per share of $106.53, eliminating his portfolio’s position. His total proceeds exceeded $2.5-million. On Sept. 4, Joanna Rotenberg, group head – BMO Wealth Management, exercised her options and sold the corresponding number of shares (5,000) at a price per share of $107.17, eliminating her account’s holdings. Earlier this month, we reported that Tom Flynn, chief financial officer of BMO Financial Group, exercised his options on Aug. 31, receiving 40,284 shares, and sold over $4-million worth of stock. That day, he divested 39,784 shares at a price per share of $106.82, leaving 5,455 shares in his portfolio.
Why are insiders at Canadian banks selling over the past couple of weeks?