Marianne Boyd Johnson, Executive Chairman of Boyd Gaming (BYD) and Western Alliance Bancorp (WAL), has demonstrated a consistent selling bias across her insider transactions, with no recorded purchases in recent filings. Since 2024, she has executed 29 trades across these two companies, all of which were sales or related dispositions, totaling over $34.3 million in aggregate value. Her most significant transactions include a $8.66 million sale of BYD shares on September 4, 2025, and an $8.42 million sale on August 13, 2025, followed by multiple seven-figure disposals earlier that year. Smaller but notable sales occurred in December 2025, when she sold WAL shares in five separate transactions ranging from $95,150 to $669,498.
Recent activity shows continued divestment, including a $303,769 disposition of BYD shares on February 22, 2026. While some filings—such as those marked with codes "A" (award) or "J" (transfer)—reflect non-sale adjustments, the overwhelming pattern is one of liquidation. The absence of buy transactions suggests a long-term reduction in her equity exposure to both companies. The sales span multiple years, indicating a sustained strategy rather than a short-term response to market conditions. Given her executive role, these disposals may warrant monitoring for shifts in her holdings, though the data does not imply any specific catalyst behind the transactions.
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