Andrew J. Briggs, a director at Farmers & Merchants Bancorp (FMAO), has filed 69 Form 4 transactions, all in that single company. The pattern is one-sided: he has recorded zero open-market purchases and zero buys of any kind. His total sales value is $6,216,640.10, with an additional $12,620.10 in acquired value, which comes from compensation awards, not conviction buying. The recent activity is a steady stream of open-market sales, code S, with 25 such transactions in the last two months.
The selling is dense and consistent. From July 15 through August 18, 2026, Briggs sold nearly every trading day. The daily values cluster tightly between roughly $89,000 and $106,000. For example, he sold $89,430 on July 15, $90,180 on July 16, and $93,180 on July 17. The pace did not let up in August: $101,010 on August 4, $104,280 on August 5, and $105,330 on August 17. The largest single sale in this stretch was $106,140 on August 14. The most recent filing, dated August 18, shows a sale of $84,190.10, the smallest in the series but still a material disposal.
The data shows no buying bias at all. Briggs has not used code P, the only transaction type that signals a director putting new money into the stock. His sales are routine in size and frequency, and they are all in FMAO. The total sell value of $6.2 million over the full filing history, combined with the near-daily sales in July and August, points to a director who is consistently reducing his position. There is no indication of accumulation, and the recent direction is firmly toward distribution.
AI-assisted summary