Interesting Form 4: Director just bought ~$32M of $BBD — what do you make of it?

Came across this one this morning and thought it was worth discussing. From the filing data (filed 2026-10-09):

- Insider: Alvarez Rubens Aguiar, Director
- Shares: 1,845,000 at $17.37
- Dollar amount: \~$32 million
- GII score: 84 (Very Strong)
- Not a 10b5-1 planned trade
- Reported ownership change: +100%

Source: [https://gulfstreamcapital001.substack.com/p/verified-gii-signal-alert-bbd-4a6](https://gulfstreamcapital001.substack.com/p/verified-gii-signal-alert-bbd-4a6)

What caught my eye is the size — doubling the reported stake in a single open-market buy is a very different signal than a token purchase. That said, Bradesco is a Brazilian bank, so there's a foreign-issuer wrinkle, and director buys in banks can reflect balance-sheet confidence rather than a view on near-term earnings.

For those of you who track insider data: what would make you treat a director buy like this as a real signal vs. noise — the dollar size, whether it's part of a cluster, or the price paid relative to the current price?