Weirick Joseph B: insider trades

Director at Community West Bancshares. No open-market purchases and 12 sales not made under a pre-set plan, reported from January 7, 2011 to August 1, 2016.

What happened after Weirick Joseph B’s sales?

After their sales, the shares moved +4.4% against the index over 12 months on average (a negative figure means selling was the right call); 50% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Weirick Joseph B: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	12	+1.9%	+1.8%	33%	6	0.87	0.42	No reliable evidence
Sales, 12 months after the report	12	+4.4%	+0.1%	50%	6	1.00	0.36	No reliable evidence
Sales, 12 months after the trade	12	+3.1%	−1.5%	50%	6	0.75	0.49	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Community West Bancshares CWBC	—	0	12	January 7, 2011	August 1, 2016

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
August 1, 2016	August 1, 2016	CWBC	Sale	$30,420	−4.9%	+28.4%	+31.5%
October 30, 2015	October 30, 2015	CWBC	Sale	$33,150	+5.6%	+26.0%	+25.1%
May 12, 2015	May 11, 2015	CWBC	Sale	$26,925	+3.6%	+26.2%	+24.4%
June 13, 2014	June 13, 2014	CWBC	Sale	$33,750	+1.0%	−10.1%	−11.9%
March 17, 2014	March 14, 2014	CWBC	Sale	$33,695	−0.2%	−16.7%	−18.6%
October 30, 2013	October 30, 2013	CWBC	Sale	$30,900	+10.1%	−12.6%	−15.2%
June 17, 2013	June 14, 2013	CWBC	Sale	$95,200	+2.5%	+4.8%	−4.8%
November 28, 2012	November 28, 2012	CWBC	Sale	$43,500	−8.2%	−6.0%	−5.3%
August 31, 2012	August 30, 2012	CWBC	Sale	$20,000	−0.3%	+0.6%	+4.8%
May 10, 2012	May 10, 2012	CWBC	Sale	$34,250	+1.2%	−0.5%	+1.8%
December 21, 2011	December 19, 2011	CWBC	Sale	$33,000	+6.1%	+23.9%	+20.9%
January 7, 2011	January 6, 2011	CWBC	Sale	$115,000	+6.0%	−11.5%	−14.9%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Weirick Joseph B traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.