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Nichols Anthony A Sr: insider trades

Director at Brandywine Realty Trust. No open-market purchases and 13 sales not made under a pre-set plan, reported from May 19, 2010 to August 15, 2019.

What happened after Nichols Anthony A Sr’s sales?

After their sales, the shares moved −7.2% against the index over 12 months on average (a negative figure means selling was the right call); 62% 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

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
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 13 −0.3% −1.8% 62% 10 −0.27 0.79 No reliable evidence
Sales, 12 months after the report 13 −7.2% −9.4% 62% 10 −1.77 0.11 No reliable evidence
Sales, 12 months after the trade 13 −8.0% −11.7% 69% 10 −2.03 0.073 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Brandywine Realty Trust BDN —013May 19, 2010August 15, 2019

Trades and what followed

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

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
August 15, 2019August 13, 2019 BDN Sale $98,872 +0.3%−36.7%−33.1%
August 10, 2018August 8, 2018 BDN Sale $83,350 −9.8%−11.9%−11.7%
October 26, 2017October 25, 2017 BDN Sale $87,050 −8.6%−19.4%−20.0%
March 7, 2016March 4, 2016 BDN Sale $104,880 +18.9%+9.0%+8.9%
February 9, 2015February 9, 2015 BDN Sale $165,000 −12.4%−16.7%−18.1%
February 12, 2014February 11, 2014 BDN Sale $139,300 +7.3%+4.9%+4.0%
August 7, 2013August 7, 2013 BDN Sale $135,000 −1.8%+3.5%+2.5%
February 15, 2013February 14, 2013 BDN Sale $133,600 +9.2%−9.4%−12.7%
August 24, 2012August 22, 2012 BDN Sale $184,250 −2.5%−6.8%−7.5%
March 12, 2012March 8, 2012 BDN Sale $109,100 +5.5%+20.0%+19.5%
May 11, 2011May 10, 2011 BDN Sale $136,680 −7.0%+1.6%−0.7%
November 12, 2010November 10, 2010 BDN Sale $176,250 −1.8%−20.5%−20.2%
May 19, 2010May 17, 2010 BDN Sale $37,320 −1.9%−10.7%−15.1%

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 Nichols Anthony A Sr traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.