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Hickey Brian E: insider trades

Officer at M&T Bank. No open-market purchases and 19 sales not made under a pre-set plan, reported from November 12, 2010 to April 19, 2019.

What happened after Hickey Brian E’s sales?

After their sales, the shares moved −1.6% against the index over 12 months on average (a negative figure means selling was the right call); 63% 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 19 +2.0% +0.4% 47% 9 0.13 0.90 No reliable evidence
Sales, 12 months after the report 19 −1.6% −6.5% 63% 9 −1.61 0.15 No reliable evidence
Sales, 12 months after the trade 19 −1.0% −5.1% 58% 9 −1.31 0.23 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
M&T Bank MTB Executive Vice President019November 12, 2010April 19, 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
April 19, 2019April 17, 2019 MTB Sale $674,120 −5.5%−31.4%−36.7%
May 24, 2017May 23, 2017 MTB Sale $324,040 −6.2%−1.6%−1.9%
November 9, 2016November 8, 2016 MTB Sale $1,645,612 +17.4%−1.6%+7.8%
August 22, 2016August 18, 2016 MTB Sale $706,697 +19.2%+18.5%+19.6%
August 12, 2015August 10, 2015 MTB Sale $1,035,021 −2.8%−15.0%−15.1%
February 19, 2014February 14, 2014 MTB Sale $923,227 +4.2%−6.5%−5.1%
July 23, 2013July 19, 2013 MTB Sale $10,004,730 −8.4%−13.3%−12.9%
November 29, 2012November 28, 2012 MTB Sale $378,968 −2.5%−9.4%−8.9%
July 20, 2012July 18, 2012 MTB Sale $1,457,598 +17.4%+16.0%+15.0%
April 20, 2012April 18, 2012 MTB Sale $1,481,550 −0.3%+1.8%+1.6%
February 1, 2012January 31, 2012 MTB Sale $322,640 +2.3%+17.6%+16.9%
January 31, 2012January 30, 2012 MTB Sale $61,951 +2.6%+16.8%+16.3%
January 27, 2012January 25, 2012 MTB Sale $315,547 +2.0%+16.3%+14.2%
December 19, 2011December 15, 2011 MTB Sale $36,080 +1.3%+19.5%+24.2%
February 14, 2011February 10, 2011 MTB Sale $148,302 −1.4%−9.5%−9.8%
February 10, 2011February 8, 2011 MTB Sale $1,981,693 −4.2%−10.8%−9.1%
December 15, 2010December 15, 2010 MTB Sale $627,385 +3.7%−9.7%−10.2%
December 13, 2010December 9, 2010 MTB Sale $605,883 +0.4%−13.0%−12.6%
November 12, 2010November 9, 2010 MTB Sale $910,706 −0.4%−14.9%−12.1%

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 Hickey Brian E traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.