WASHINGTON — Rep. Mikie Sherrill sold up to $500,000 in UBS stock just 30 days before the Swiss banking giant’s shares tumbled on concerns over stricter capital requirements, according to financial disclosures and data from Quiver Quantitative.
Sherrill, a Democrat representing New Jersey, sold the stock at $34.15 per share on March 17. By mid-April, UBS shares had dropped to a low of $26.12 — a decline of nearly 24%.
The selloff happened prior to market concerns surrounding Swiss regulators’ proposal to require UBS to hold up to $26 billion in additional capital.
The move, aimed at reinforcing financial stability after the Credit Suisse collapse, would force UBS to fully capitalize its foreign subsidiaries through its Swiss parent bank. Analysts warned that the new rules could curtail share buybacks and place UBS at a global disadvantage.
According to public trading data, Sherrill previously offloaded hundreds of thousands of dollars in UBS stock in spring 2020, reportedly earning returns as high as 124%.
Quiver Quantitative, which tracks congressional stock trades, estimates Sherrill avoided losses on the March trade by selling before the downturn, part of a broader pattern of well-timed transactions by Sherrill that has drawn increasing scrutiny.