David Stevens’s purchase follows stock price slump

Money

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.

Topics