David Stevens’s purchase follows stock price slump
Admiral chief operating officer David Stevens and his wife Heather yesterday bought 97,500 Admiral shares for an average price of £10.22 per share.
Based on the average price, Stevens paid £996,450 for the additional stock in the motor insurer.
The purchase takes the couple’s holding to 10.6 million Admiral shares,
Admiral stock slumped last week after the company revealed a slowdown in turnover in its third-quarter interim management statement. Group turnover for the third quarter dropped 2%, while UK motor turnover dropped 3%.
Analysts dubbed the company overvalued following the IMS release. The stock fell 5% on Friday, the day of the release, to close at £10.81. It has since fallen a further 5.5% to close at £10.21 yesterday.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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