Bank of America, Bank of New York Mellon And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed slightly higher on Friday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

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

Bank of America

• The Trade: Bank of America Corporation BAC President, Regional Banking Dean C Athanasia sold a total of 77,806 shares at an average price of $31.49. The insider received around $2.45 million from selling those shares.
• What’s Happening: Bank of America issued second-quarter earnings which beat consensus estimates.
• What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.

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Gilead Sciences

• The Trade: Gilead Sciences, Inc. GILD CFO Andrew D Dickinson sold a total of 5,000 shares at an average price of $80.00. The insider received around $ $400,000 from selling those shares.
• What’s Happening: The FDA approved Gilead Sciences’s supplemental new drug application for using Veklury (remdesivir) in COVID-19 patients with severe renal impairment, including those on dialysis.
• What Gilead Sciences Does: Gilead Sciences develops and markets therapies to treat life-threatening infectious diseases, with the core of its portfolio focused on HIV and hepatitis B and C.

Bank of New York Mellon

• The Trade: The Bank of New York Mellon Corporation BK SEVP & General Counsel Kevin McCarthy sold a total of 35,000 shares at an average price of $46.33. The insider received around $1.62 million from selling those shares.
• What’s Happening: The Bank Of New York Mellon reported a second-quarter total revenue increase of 5% year-over-year to $4.45 billion, beating the consensus of $4.37 billion.
• What Bank of New York Mellon Does: BNY Mellon is a global investment company involved in managing and servicing financial assets throughout the investment lifecycle.

UnitedHealth Group

• The Trade: UnitedHealth Group Incorporated UNH Director, CEO, UHG Andrew Witty sold a total of 4,000 shares at an average price of $506.19. The insider received around $2.02 million from selling those shares.
• What’s Happening: UnitedHealth Group reported nearly $5.5 billion, up 8% Y/Y in second-quarter profits as its health insurance plans and Optum medical provider businesses grew by "double-digit" percentages despite rising costs.
• What UnitedHealth Group Does: UnitedHealth Group is one of the largest private health insurers, providing medical benefits to 50 million members globally, including 5 million outside the U.S. at the end of 2021.

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