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Troupe Warren L: insider trades

Officer at UDR, Inc. No open-market purchases and 20 sales not made under a pre-set plan, reported from June 1, 2011 to February 18, 2020.

What happened after Troupe Warren L’s sales?

After their sales, the shares moved −4.8% against the index over 12 months on average (a negative figure means selling was the right call); 60% 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 20 −0.9% −0.5% 50% 10 −0.58 0.58 No reliable evidence
Sales, 12 months after the report 20 −4.8% −5.0% 60% 10 −1.42 0.19 No reliable evidence
Sales, 12 months after the trade 20 −4.5% −6.2% 55% 10 −1.45 0.18 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
UDR, Inc. UDR Senior Exec VP020June 1, 2011February 18, 2020

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 18, 2020February 18, 2020 UDR Sale $2,008,000 −14.6%−30.6%−31.4%
October 10, 2019October 10, 2019 UDR Sale $971,600 −13.5%−44.4%−44.7%
June 18, 2019June 18, 2019 UDR Sale $233,050 +1.4%−24.4%−22.9%
February 19, 2019February 15, 2019 UDR Sale $2,233,000 −2.0%−5.5%−7.2%
November 13, 2018November 12, 2018 UDR Sale $412,900 +6.5%+4.1%+4.0%
August 23, 2018August 22, 2018 UDR Sale $1,564,000 +12.6%+21.9%+23.3%
March 20, 2018March 16, 2018 UDR Sale $1,077,300 +2.0%+26.6%+23.1%
October 4, 2017October 2, 2017 UDR Sale $1,137,900 −9.8%−8.6%−8.4%
July 5, 2017July 3, 2017 UDR Sale $585,750 −4.9%−14.9%−15.7%
April 5, 2017April 3, 2017 UDR Sale $540,750 +3.4%−10.9%−10.9%
January 5, 2017January 3, 2017 UDR Sale $542,250 −3.9%−17.1%−12.2%
September 30, 2016September 28, 2016 UDR Sale $550,500 −1.7%−7.8%−11.5%
August 18, 2015August 14, 2015 UDR Sale $1,103,052 +2.9%−0.4%+2.4%
August 26, 2014August 22, 2014 UDR Sale $2,971,652 −1.5%+12.5%+14.8%
July 11, 2014July 10, 2014 UDR Sale $1,820,722 +1.4%+11.5%+12.5%
July 10, 2014July 8, 2014 UDR Sale $11,404 +0.4%+11.1%+14.1%
June 2, 2014May 30, 2014 UDR Sale $302,500 +4.7%+6.7%+12.7%
July 15, 2013July 12, 2013 UDR Sale $648,000 −8.5%−4.5%−5.2%
August 3, 2012August 1, 2012 UDR Sale $1,315,727 −8.5%−27.9%−28.9%
June 1, 2011May 31, 2011 UDR Sale $278,496 +15.0%+6.2%+2.9%

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