Market Commentary

Congressman Trey Hollingsworth Bought Nearly $1 Million Worth of This Bank Stock

Rahul Joshua16 Sept 2022 · 1 minute read

Trey Hollingsworth, the U.S. representative for Indiana's 9th congressional district, disclosed earlier this week that he acquired shares of the National Bank of Canada (NTIOF: US)

The congressman bought $500,000 to $1,000,000 worth of National Bank of Canada shares on September 1; when NTIOF’s stock price closed at $65.95. It seems that the Congressman picked the right moment for his trade as shares were trading at a 6-week low on September 1. Since then, National Bank of Canada stock soared by over 5%.

The Montreal-based bank is considered to be the sixth largest commercial bank in Canada that is serving over 2 million clients. 

This marks the first trade for Hollingsworth since June 29 when he disclosed that he made several trades in the same month buying shares of Owl Rock Capital (ORCC: US). In total, the Congressman bought shares of ORCC on 14 different occasions in May and June. As of yet, his stake in the specialty finance company is thought to be worth over $1 million. 

Owl Rock Capital is one of Congressman’s favorite stocks for trading, together with energy stocks Enterprise Products Partners (EPD: US) and Magellan Midstream Partners (MMP: US). With this month’s trade, the National Bank of Canada becomes the fifth largest traded issuer for Congressman Hollingsworth. 

It comes as no surprise that nearly all of Hollingsworth’s trades involve Finance and Energy stocks, with the Republican representative from Indiana sitting on the committee that oversees Financial Services.