Insider Trends: Insider at Manning & Napier Acquires Stock Via Conversion of Option/Derivative Security Sells Portion to Pay Tax, Buy Trend Intact
04:13 PM EDT, 05/07/2021 (MT Newswires) -- Marc O Mayer, Director and Chairman & CEO, exercised options/derivative securities for 250,000 shares of Manning & Napier (MN) and sold 163,193 shares in the company for $1,212,524 to meet tax obligations on May 05, 2021. After accounting for tax obligations this transaction resulted in a net acquisition of 86,807 company shares. Mayer, subsequent to the transactions delineated in the SEC Form 4 filing, has 1,310,623 company shares, with a market value, based on the prior-day closing price, of $9.72 million. In addition the company has granted Mayer stock options of which 733,332 are currently in the money and have an approximate value of $3,967,326 as of yesterday's closing price.
Over the last 90 days, previous to the date of this filing, there have been 10 insider transactions reported to the SEC for Manning & Napier. These transactions came from the activities of 7 individual insiders that resulted in a net acquisition of 222,599 company shares. Relative to the preceding 90-day window of time, there were 21 transactions from 8 insiders and resulted in the net acquisition of 649,872 shares.
This is a lower level of transactions than the peer group average in the 33-company Investment Management peer group over the last 90-day period. Within the peer group activity averaged 107.0 transactions per company, and disposition of 46,382 shares on average.
SEC Story Link http://www.sec.gov/Archives/edgar/data/1524223/000120919121030883/xslF345X03/doc4.xml
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