W. Brian Reames

W. Brian Reames discloses dealings in Highwoods Properties, Inc. to SEC (Form 4). Between 26 January 2006 and 20 November 2009, the trades on record add up to 204 filings.

The open-market side counts 3 purchases for €224k alongside 102 sales for €5.8M. Sales outweigh purchases by €5.6M. Open-market purchases are the filings investors watch most closely, because the insider pays for the shares out of pocket. The rest of the record consists of 12 share grants and 87 option exercises. In 2009 alone, the filings show no purchases and 2 sales.

The median purchase comes to €70k. Looking at 3 purchases old enough to measure, the stock rose over the following 90 days in 100% of cases; the median change was +8.4%. This is a record of the past, not a forecast.

The record was last updated on 23 November 2009 with an open-market sale (€304k) in Highwoods Properties, Inc. The clock since the last published purchase (19 November 2008) now reads 6,563 days. Between a trade and the moment it shows up on SEC (Form 4), the median delay is 2 days. For comparison, the SEC allows two business days to file a Form 4. A sale on its own says little: insiders also sell to pay tax, fund a purchase or diversify. These figures are compiled from regulatory filings published by SEC (Form 4). They describe what insiders did and are not a recommendation.