SPY414.92-5.67 -1.35%
DIA332.96-5.20 -1.54%
IXIC14,030.38-130.97 -0.92%

Insider Trends: Insider at Manning & Napier Acquires Stock Via Conversion of Option/Derivative Security Sells Portion to Pay Tax, Buy Trend Intact

05/07/2021 12:21

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

This report does not constitute a recommendation to purchase or sell any security and the analysts are not registered investment advisors. Further analysis is recommended before undertaking any position in any security. Any risks are solely the responsibility of the buyer/seller. The authors, publishers and distributors of the MT Newswires Live Briefs service and any associates thereof accept no liability for the content or actions taken by anyone or institution utilizing this report.