NEW YORK (Associated Press) - The chief financial officer of BJ's Wholesale Club Inc. exercised options for 50,00 shares of common stock and then sold 55,930 shares, according to a Securities and Exchange Commission filing Wednesday.
In a Form 4 filed with the SEC, Frank D. Forward reported he exercised options for $15.01 apiece Tuesday and then sold the shares for $34.27 to $35 apiece the same day.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.