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Myers Christopher D: insider trades

Chief executive at CVB Financial Corp. No open-market purchases and 31 sales not made under a pre-set plan, reported from February 26, 2010 to October 30, 2019.

What happened after Myers Christopher D’s sales?

After their sales, the shares moved −6.6% against the index over 12 months on average (a negative figure means selling was the right call); 71% 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 31 −1.2% −4.4% 65% 9 −1.04 0.33 No reliable evidence
Sales, 12 months after the report 31 −6.6% −9.9% 71% 9 −1.38 0.21 No reliable evidence
Sales, 12 months after the trade 31 −5.2% −6.2% 68% 9 −1.26 0.24 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
CVB Financial Corp CVBF President & CEO031February 26, 2010October 30, 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
October 30, 2019October 28, 2019 CVBF Sale $349,140 −5.2%−22.2%−26.8%
August 1, 2019July 31, 2019 CVBF Sale $101,384 −4.5%−25.7%−26.1%
May 7, 2019May 6, 2019 CVBF Sale $1,102,500 −4.4%−11.9%−7.6%
May 7, 2019May 3, 2019 CVBF Sale $289,044 −4.4%−11.9%−6.2%
May 6, 2019May 3, 2019 CVBF Sale $351,360 −4.6%−9.9%−6.2%
May 6, 2019May 2, 2019 CVBF Sale $107,567 −4.6%−9.9%−3.6%
May 3, 2019May 1, 2019 CVBF Sale $1,150,630 −3.2%−7.6%−1.2%
May 2, 2019April 30, 2019 CVBF Sale $968,211 −4.4%−6.2%+1.9%
May 1, 2019April 29, 2019 CVBF Sale $522,960 −2.5%−3.6%−0.3%
March 13, 2018March 9, 2018 CVBF Sale $744,918 −2.8%−10.9%−11.1%
March 12, 2018March 8, 2018 CVBF Sale $477,000 −4.0%−10.8%−10.2%
February 16, 2017February 14, 2017 CVBF Sale $1,166,000 −14.1%−16.1%−16.1%
February 6, 2017February 2, 2017 CVBF Sale $1,107,000 −7.4%−16.1%−14.6%
January 27, 2017January 26, 2017 CVBF Sale $578,862 −8.5%−19.6%−23.4%
January 25, 2017January 24, 2017 CVBF Sale $580,250 −9.7%−23.4%−20.5%
November 23, 2016November 22, 2016 CVBF Sale $534,000 +3.4%−8.7%−8.2%
November 18, 2016November 17, 2016 CVBF Sale $525,750 +3.6%−7.7%−6.6%
November 14, 2016November 10, 2016 CVBF Sale $481,750 +2.8%−9.8%−2.0%
September 1, 2016August 30, 2016 CVBF Sale $444,000 +17.7%+1.5%+3.6%
August 17, 2016August 15, 2016 CVBF Sale $427,000 +23.3%+8.4%+11.7%
August 11, 2016August 10, 2016 CVBF Sale $425,000 +14.9%+12.9%+11.9%
February 17, 2015February 13, 2015 CVBF Sale $871,750 +1.8%+6.3%+6.8%
February 13, 2015February 12, 2015 CVBF Sale $72,680 +0.8%+3.9%+5.4%
February 9, 2015February 6, 2015 CVBF Sale $483,664 +1.8%+5.4%+3.4%
March 6, 2014March 5, 2014 CVBF Sale $802,000 −8.3%−13.4%−14.5%
February 24, 2014February 24, 2014 CVBF Sale $746,550 −4.8%−11.3%−12.1%
May 28, 2013May 28, 2013 CVBF Sale $233,000 +11.9%+10.9%+11.9%
March 13, 2013March 13, 2013 CVBF Sale $154,420 −6.1%+26.5%+26.9%
September 7, 2012September 7, 2012 CVBF Sale $310,500 −16.1%−10.2%−10.1%
December 13, 2010December 9, 2010 CVBF Sale $194,700 −8.9%+15.5%+11.3%
February 26, 2010February 24, 2010 CVBF Sale $124,020 +9.5%−28.0%−29.3%

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