Executives at U.S. banks, apparently anticipating a downturn in bank stocks, continued to sell their companies' shares at high levels in the past month.

Insiders at money-centers, superregionals, and regionals alike shed their shares, said Robert Gabele, president of CDA/Investnet, a Fort Lauderdale, Fla., company that tracks insider buying and selling. The prolonged bull market has convinced many executives that prices are set to go lower, he said.

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