The REA Group (ASX:REA) share price has fallen $2.56 or 2.74 per cent to $90.79 after the AFR revealed CEO Tracey Fellows sold virtually all her shares in the company.
According to an ASX Change of Director’s Notice, Ms Fellows sold 10,218 REA shares on 17th August 2018 at an average price of $89.20 per share. The sale netted her $911,490.06.
Just yesterday, the REA share price hit an all-time high of $94.12, before closing at $93.35.
After the sale, Ms Fellows is left owning just 12 REA shares, worth just over $1,000.
The AFR reports a spokesperson for REA as saying the sale was made “for personal reasons at a time when the market was fully informed”.
According to the REA audited financial statements, Ms Fellows total renumeration for FY18, including incentives, was $3.285 million.
On August 10th, REA reported full year profits jumped 23 per cent to $279.9 million, with a strong increase in its Australian residential business even as the housing market slowed.
At the time, REA said the lower listing rate is expected to continue in 2018/19, with volumes down four per cent in July and the upcoming Victorian and NSW state elections also set to disrupt the nation’s two biggest markets.
REA is a high quality company, one of ten ASX 200 shares I think can beat the traditional blue chips over the next 3 years.
But REA share are not cheap, trading on price to earnings (P/E) ratio of 42 times earnings.