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Maio Keith D: insider trades

Officer at Zions Bancorporation, National Association. No open-market purchases and 15 sales not made under a pre-set plan, reported from November 3, 2010 to October 26, 2021.

What happened after Maio Keith D’s sales?

After their sales, the shares moved −3.6% against the index over 12 months on average (a negative figure means selling was the right call); 53% 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 15 +0.5% −1.7% 60% 10 0.32 0.76 No reliable evidence
Sales, 12 months after the report 15 −3.6% −2.8% 53% 10 −0.58 0.57 No reliable evidence
Sales, 12 months after the trade 15 −3.4% −1.9% 53% 10 −0.62 0.55 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
Zions Bancorporation, National Association ZION EVP - Chief Risk Officer015November 3, 2010October 26, 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
October 26, 2021October 25, 2021 ZION Sale $780,825 +11.8%−2.8%−5.9%
April 29, 2021April 28, 2021 ZION Sale $276,009 −11.4%+3.7%+2.5%
February 22, 2021February 19, 2021 ZION Sale $102,770 −1.7%+21.7%+27.5%
February 8, 2021February 5, 2021 ZION Sale $371,144 +12.3%+35.9%+35.6%
October 28, 2019October 24, 2019 ZION Sale $271,938 −13.3%−45.6%−45.0%
April 30, 2019April 26, 2019 ZION Sale $535,400 −9.0%−34.6%−34.8%
April 30, 2018April 27, 2018 ZION Sale $554,671 −12.3%−20.1%−21.8%
November 28, 2017November 22, 2017 ZION Sale $604,539 +8.2%−6.8%+0.3%
January 27, 2017January 26, 2017 ZION Sale $900,505 −9.3%+2.7%−1.9%
August 1, 2016July 29, 2016 ZION Sale $251,730 +20.3%+53.4%+48.0%
February 10, 2014February 7, 2014 ZION Sale $232,721 −7.0%−30.2%−26.4%
February 4, 2013January 31, 2013 ZION Sale $99,880 −0.1%+1.8%+2.4%
January 30, 2012January 27, 2012 ZION Sale $20,964 +15.2%+24.8%+23.3%
January 31, 2011January 27, 2011 ZION Sale $30,097 −3.7%−33.3%−32.3%
November 3, 2010November 1, 2010 ZION Sale $24,571 +7.3%−23.7%−23.0%

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