May 2023 144 Market Report
Aggregate 144 Market Volume:
In May 2023, the total reported value of Form 144s rose 132% from April. This month-over-month increase in total value
is accompanied by increases in both the number of registered shares, which rose 69%, as well as the number of filings,
which increased by 116%. Overall, this increased trading activity is not unusual for May, as many insiders were freer to
trade after earnings were reported. Additionally, in comparison to May 2022, Form 144 value, shares, and number of
filings increased across the board. Specifically, the total value of non-10b5-1 filings rose by a dramatic 182%, perhaps
reflecting insiders' less planned, more instinctual reactions to the markets' uncertain movements and the overall uneasy
economic climate. The recent SEC regulations regarding 10b5-1 and Form 144 may also be a factor.
Top 5 Brokers for May 2023:
In May, Bank of America upset the broker rankings and rose through the ranks to first place in value brokered, partially due to their role in last month's largest filing (see table, next page). Morgan Stanley took second place in value, but secured first place in number of filings brokered. Bolstered by its sizable filing at HWM (next page), JP Morgan took third place in value brokered. Goldman Sachs placed fourth having brokered a series of large filings at STZ, and Fidelity rounded out May's top 5 brokers in fifth place.
Top 144 Filings for May 2023:
| Filer | Company | Broker | Value (M) | Shares (M) |
| Walgreens Boots Alliance Holdings LLC | AmerisourceBergen Corp - [ABC] | Bank of America | $786.9 | 4.59 |
| MasterCard Foundation | Mastercard - [MA] | BMO Financial | $386.1 | 1.01 |
| Elliott Investment Management LP | Howmet Aerospace - [HWM] | JP Morgan Chase | $265.6 | 6.09 |
About the author
Research
The Washington Service Research Team