It would seem that today's action -- over a million shares --500 K picked up in large blocks-- is interesting to say the least!
Could this be a large investor, wanting to pick up the 5% stock div. who was willing to spend 18 Million for a return of 900,000 in 60 days plus another 75,000 in cash, equating to about a 30% yearly return? Or, a possible suitor working up their base position?
Obviously, it could be neither, a marketmaker scaring up shares to cover future shorts!
After seeing the 10Q that was posted today, it would seem that the large block-- which appeared to be an "away from the market" trade, may have been the bank itself repurchasing for the stock div/distribution.
At any rate, the current "steady price" doesn't bother me a bit, all things considered.
I've only been in this stock for a few months, can any old timers tell me if the price tanks post dividend?