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Burt Frank D: insider trades

Officer at BXP, Inc. No open-market purchases and 17 sales not made under a pre-set plan, reported from February 2, 2010 to November 15, 2021.

What happened after Burt Frank D’s sales?

After their sales, the shares moved −10.1% against the index over 12 months on average (a negative figure means selling was the right call); 65% 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 17 −3.3% −3.8% 65% 11 −1.68 0.12 No reliable evidence
Sales, 12 months after the report 17 −10.1% −8.3% 65% 11 −2.17 0.055 No reliable evidence
Sales, 12 months after the trade 17 −10.4% −10.3% 65% 11 −2.23 0.050 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
BXP, Inc. BXP SVP, CLO and Secretary017February 2, 2010November 15, 2021

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
November 15, 2021November 15, 2021 BXP Sale $251,571 +9.4%−22.7%−22.4%
June 10, 2021June 10, 2021 BXP Sale $245,860 −16.8%−11.7%−13.0%
March 5, 2020March 4, 2020 BXP Sale $405,720 −30.2%−45.7%−46.3%
February 21, 2019February 20, 2019 BXP Sale $267,281 −3.8%−8.2%−10.3%
February 23, 2017February 22, 2017 BXP Sale $347,190 −13.7%−29.6%−29.1%
August 2, 2016August 1, 2016 BXP Sale $650,561 −14.3%−26.4%−28.8%
February 23, 2015February 23, 2015 BXP Sale $560,480 −4.6%−8.3%−9.3%
May 27, 2014May 23, 2014 BXP Sale $455,847 −3.1%+3.3%+3.7%
May 6, 2014May 5, 2014 BXP Sale $295,265 −1.9%+3.7%+3.2%
May 16, 2013May 16, 2013 BXP Sale $150,115 −10.8%−3.5%−3.0%
November 15, 2012November 14, 2012 BXP Sale $254,000 −5.5%−30.2%−30.7%
August 14, 2012August 13, 2012 BXP Sale $232,260 −6.5%−29.1%−26.9%
February 7, 2012February 6, 2012 BXP Sale $235,668 +1.4%−13.2%−15.5%
May 12, 2011May 11, 2011 BXP Sale $156,945 +9.2%+4.4%+2.4%
February 17, 2011February 16, 2011 BXP Sale $257,661 +10.9%+7.5%+8.6%
May 5, 2010May 3, 2010 BXP Sale $81,480 +9.1%+16.1%+15.3%
February 2, 2010February 1, 2010 BXP Sale $96,303 +15.4%+22.8%+24.4%

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 Burt Frank D traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.