March 2026 144 Market Report
Aggregate 144 Market Volume
In March, the total reported value of Form 144s fell 13% from February, driven by a 39% decline in the value of discretionary filings. On the other hand, the value of 10b5-1 filings rose over 90%, accompanied by a nearly 200% jump in the number of planned shares month-over-month. There was a similar uptick in 10b5-1 activity year-over-year, with the value and number of shares of planned Form 144s increasing 34% and 114%, respectively. Conversely, there was a 4% decrease in total value from March 2025 to March 2026. The heavier reliance on Rule 10b5-1 plans this March may indicate insiders’ hesitation to make discretionary investment decisions during a time of economic and geopolitical uncertainty.
Top 5 Brokers for March 2026
Morgan Stanley remained in the top spot for value brokered this March, their fourth consecutive month in this position. Morgan Stanley also claimed first for number of filings and second for number of shares. Bank of America once again claimed second, due in part to their role in brokering multiple of March’s largest Form 144s (see next page). JP Morgan rose through the ranks to take third for value and first for shares. Fidelity and Goldman Sachs slid to fourth and fifth, respectively. Fidelity also finished second for number of filings this March.
| Filer | Company | Broker | Value(M) | Shares(M) |
| Hershey Trust Co | The Hershey Co - [HSY] | Northern Trust | $439.8 | 2.00* |
| Powerbar 2 Ltd | Vertiv Holdings Co - [VRT] | Stifel Financial | $396.0 | 1.50 |
| Glencore International AG | Century Aluminum Co - [CENX] | Citigroup | $326.8 | 6.32 |
(*Pursuant to Rule 10b5-1)