Since April 2020, the SEC began accepting Form 144 filings digitally via email, however the number of filings disseminated has been lower than typically expected. Since email submission has been ongoing for over 12 months, we can resume our normal offering including YoY comparisons and broker rankings. Care should be taken in drawing conclusions from the data that may not yet be complete due to COVID-related disruptions.
In September, the value of Form 144 filings slid 4% from August, despite a 31% increase in the value of non-10b5-1 144s from the prior month. The total number of filings similarly slid 23% from August, while at the same time the total number of shares brokered jumped by 51%. As shown on the graph below, the value of Form 144s was 69% higher than in September 2020. The value of 10b5-1 filings slid 27% month-over-month (see graph below).
Morgan Stanley retained the top broker title in September, despite not brokering any of the month’s top five trades. Goldman Sachs took second place, due in part to brokering two of the month’s largest filings at WMT. JP Morgan Chase finished third, and brokered the largest trade in September at CPNG. Fidelity Investments finished in third place, while UBS rounded out the rankings.