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Lusco C. Matthew: insider trades

Officer at Regions Financial Corporation. 1 open-market purchase and 9 sales not made under a pre-set plan, reported from August 24, 2011 to December 12, 2023.

Would copying Lusco C. Matthew’s purchases have beaten the S&P 500?

Too few purchases to judge. None of their purchases has 12 months of prices after the report; we judge insiders once they have 20. The figures below can swing a long way on a handful of trades. After their sales, the shares moved −8.4% against the index over 12 months on average (a negative figure means selling was the right call); 67% trailed it. None of their purchases could be priced, so there is no copy portfolio.

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 9 −4.1% −4.1% 67% 7 −0.75 0.48 No reliable evidence
Sales, 12 months after the report 9 −8.4% −9.6% 67% 7 −0.88 0.42 No reliable evidence
Sales, 12 months after the trade 9 −5.2% −7.4% 67% 7 −0.36 0.73 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
Regions Financial Corporation RF SEVP & CRO19August 24, 2011December 12, 2023

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
December 12, 2023December 8, 2023 RF Sale $499,939 −2.5%+15.0%+19.2%
January 27, 2023January 25, 2023 RF Sale $2,283,000 −26.5%−37.9%−35.9%
May 13, 2021May 12, 2021 RF Sale $1,014,300 −18.6%−9.6%−3.9%
November 6, 2020November 4, 2020 RF Sale $561,000 +18.7%+31.5%+53.1%
September 16, 2019September 13, 2019 RF Sale $328,600 +0.4%−37.0%−37.4%
May 15, 2018May 14, 2018 RF Sale $192,300 −4.7%−30.2%−29.6%
January 31, 2017January 27, 2017 RF Sale $624,190 −7.2%+12.0%+8.6%
August 14, 2015August 14, 2015 RF Sale $369,250 −4.1%−12.9%−13.8%
May 14, 2015May 12, 2015 RF Sale $20,280 +7.3%−6.4%−7.4%
August 24, 2011August 22, 2011 RF Purchase $39,200 not yetnot yetnot yet

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 Lusco C. Matthew traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.