The Insurance Australia Group Ltd (ASX: IAG) share price is edging lower on Friday afternoon, down 11% to $4.655 ahead of the market close.
This comes as insiders appear to have taken advantage of the share price weakness to purchase more shares.
Following today's gains, the insurance giant's shares are up 2% in a month, and 9% in 2022.
Which directors topped up on IAG shares?
In its most recent statements, IAG revealed that a number of its directors each bought a parcel of shares.
IAG non-executive director Scott Pickering picked up 5,000 IAG shares through an on-market trade on 25 August at $4.55 per share. This total value of Pickering's latest purchase equates to around $22,700.
He now has a total of 29,615 ordinary IAG shares.
Also investing in more shares on the same day was non-executive director Jonathan Nicholson. He bought 2,200 IAG shares at an average price of $4.54 apiece, valued close to $1,000.
Nicholson now has a total of 33,761 ordinary IAG shares.
Fast-forward five days and non-executive director George Sartorel made the biggest buy-in with 10,000 IAG shares added to his portfolio.
He paid an average price of $4.65 per share, which is about $46,500 spent.
Sartorel doubled his total and is now holding 20,000 ordinary IAG shares.
It appears that the directors believe that IAG shares may have bottomed out.
IAG share price snapshot
Over the past 12 months, the IAG share price has fallen by 11.5%.
The company's share price has been moving in a sideways channel over the past month.
Based on today's price, IAG commands a market capitalisation of roughly $11.49 billion.
