Insiders have been buying Telstra and these ASX shares

Insiders have been buying the shares of Telstra Corporation Ltd (ASX:TLS) and two others this week. Here's what you need to know…

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I like to keep a close eye on which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its own directors.

A number of shares have reported meaningful insider buying this week. Here are a few that caught my eye:

Super Retail Group Ltd (ASX: SUL)

According to a change of director's interest notice, one of this retail group's independent non-executive directors has more than doubled their holding with a purchase of shares this week. The notice reveals that Peter Everingham picked up 23,000 shares through an on-market trade on March 9. Mr Everingham paid a total consideration of $187,018.20 for the shares, which works out to be an average of $8.13 per share. The Super Retail director now owns 40,000 shares.

Suncorp Group Ltd (ASX: SUN)

One of this insurance and banking giant's non-executive directors has taken advantage of a sharp pullback in its share price to top up their position. According to a change of director's interest notice, Sylvia Falzon also more than doubled her holding with the purchase of 8,972 shares through an on-market trade on March 4. This took Ms Falzon's holding to a total of 16,592 shares. The director paid an average of $11.16 per share, which works out to be a total consideration of just over $100,000.

Telstra Corporation Ltd (ASX: TLS)

A change of director's interest notice reveals that non-executive director, Elana Rubin, has been buying this telco giant's shares. According to the notice, Rubin picked up a total of 14,367 shares through an on-market trade of March 4. The director paid a total of $49,997.16 for the parcel, which works out to be an average of $3.48 per share. This lifted Rubin's holding to a total of 51,728 shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited and Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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