The Globe and Mail reports in its Tuesday, July 21, edition that share buybacks are typically used by companies as a strategy to enhance shareholder returns. The Globe's regular guest columnist Ted Dixon writes that when insiders buy during an active buyback program, they reinforce the idea that the stock is undervalued. When insiders are selling in size while the company repurchases shares, the message is less encouraging. It can point to declining growth opportunities or a rising risk environment. National Bank of Canada was one of the stocks Mr. Dixon highlighted on April 16 with buybacks and insider buying in the first quarter. The repurchases continued in the second quarter, pushing total buybacks for the first half of the year to just over $1.1-billion, with the bank buying back 6,150,400 shares at an average price of $183.77. Meanwhile, in the first six months, three directors spent a total of just over $1.1-million to buy 6,069 shares in the public market at an average price of $190.14. On May 27, the bank raised its quarterly dividend by eight cents to $1.32 per common share.