Travelers CEO Schnitzer Cashes Out $35.3 Million After Option Exercise
The chief executive's 88,900-share sale came as he exercised 298,368 options.
Travelers Chairman and CEO Alan Schnitzer sold 88,900 shares of the insurer's stock on Wednesday, a $35.3 million sale at an average of $396.77 a share, according to a Form 4, the report insiders file after trading. The sales followed his exercise of stock options the same day.
Options exercised, then sold
The filing shows Schnitzer converted options on 298,368 shares, struck at $132.58, on Wednesday. Of the shares that came from the exercise, 209,468 were withheld to cover taxes, at $397.62 a share.
He then sold the 88,900 shares on the open market in five blocks, at weighted average prices from $394.80 to $398.20:
- 12,901 shares at $394.80.
- 12,369 shares at $395.60.
- 15,759 shares at $396.65.
- 44,879 shares at $397.61.
- 2,992 shares at $398.20.
The filing says each price is a weighted average across a range of trades, and the largest block, 44,879 shares, went at $397.61.
What he still owns
After the transactions Schnitzer holds 314,215.499 shares: 303,124.499 directly and 11,091 indirectly through his spouse. At Friday's close of $398.28, that stake is worth about $125.1 million. The filing says he disclaims beneficial ownership of the spouse-held shares.
He unloaded 22.05% of his prior 403,115.499 shares and kept 77.95%.
First sale in the 90-day window
Earlier filings show no other Schnitzer sale of Travelers stock since July 25. This is the only sale filing in that stretch, covering 88,900 shares and $35.3 million.
Travelers shares were up 39.8% this year as of Thursday's close, and the stock sits near its 52-week high.
The Friday close of $398.28 sits just above the $397.61 price at which the largest block of Schnitzer's shares sold.
Sources
- Form 4 — Alan D Schnitzer (TRV) — SEC EDGAR
