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Payne David L: insider trades

Chief executive at Westamerica Bancorporation. No open-market purchases and 21 sales not made under a pre-set plan, reported from July 22, 2010 to February 1, 2024.

What happened after Payne David L’s sales?

After their sales, the shares moved −11.2% against the index over 12 months on average (a negative figure means selling was the right call); 91% 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 21 −4.0% −4.0% 86% 6 −3.91 0.011 Some evidence: seller right
Sales, 12 months after the report 21 −11.2% −12.0% 91% 6 −3.54 0.017 Some evidence: seller right
Sales, 12 months after the trade 21 −11.6% −9.9% 95% 6 −3.72 0.014 Some evidence: seller right

“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
Westamerica Bancorporation WABC Chairman, President & CEO021July 22, 2010February 1, 2024

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
February 1, 2024January 31, 2024 WABC Sale $1,262,417 +3.6%−8.8%−15.4%
January 30, 2024January 29, 2024 WABC Sale $977,900 −3.1%−15.4%−15.6%
January 26, 2024January 25, 2024 WABC Sale $746,250 −6.7%−15.6%−12.6%
January 24, 2024January 23, 2024 WABC Sale $1,929,692 −3.8%−12.6%−18.5%
January 23, 2014January 21, 2014 WABC Sale $6,872,046 −5.8%−31.2%−30.5%
November 1, 2013October 31, 2013 WABC Sale $1,463,249 −3.0%−18.8%−18.1%
January 23, 2013January 22, 2013 WABC Sale $6,134,985 −6.8%+0.9%+1.5%
November 7, 2012November 5, 2012 WABC Sale $102,094 −2.7%+3.8%−3.1%
November 6, 2012November 2, 2012 WABC Sale $1,526,616 −4.0%−0.9%−3.4%
November 2, 2012November 1, 2012 WABC Sale $864,005 −5.2%−3.1%−6.4%
November 1, 2012October 31, 2012 WABC Sale $14,540 −5.1%−3.4%−5.6%
October 29, 2012October 26, 2012 WABC Sale $244,086 −5.1%−5.6%−3.6%
October 26, 2012October 25, 2012 WABC Sale $2,075,008 −5.1%−5.6%−4.1%
October 28, 2011October 26, 2011 WABC Sale $4,075,679 +0.7%−12.6%−9.9%
October 26, 2011October 25, 2011 WABC Sale $952,525 −1.8%−12.7%−8.8%
October 25, 2011October 24, 2011 WABC Sale $2,603,746 +0.3%−9.9%−10.8%
August 4, 2011August 2, 2011 WABC Sale $2,145,632 −2.3%−12.0%−9.6%
July 28, 2011July 26, 2011 WABC Sale $992,772 −0.9%−8.0%−5.0%
November 4, 2010November 2, 2010 WABC Sale $1,355,050 −8.8%−14.2%−16.5%
November 1, 2010October 28, 2010 WABC Sale $2,875,591 −8.8%−16.5%−16.2%
July 22, 2010July 20, 2010 WABC Sale $3,859,128 −10.3%−32.0%−31.8%

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 Payne David L traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.