There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 11, Western Alliance Bancorporation's Director, James E. D. V. M. Nave, invested $329,900.00 into 10,000 shares of WAL, for a cost per share of $32.99. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Monday, bargain hunters could buy shares of Western Alliance Bancorporation (NYSE:WAL) and achieve a cost basis 10.8% cheaper than Nave, with shares changing hands as low as $29.42 per share. Western Alliance Bancorporation shares are currently trading up about 8.8% on the day. The chart below shows the one year performance of WAL shares, versus its 200 day moving average:
Looking at the chart above, WAL's low point in its 52 week range is $27.18 per share, with $58.94 as the 52 week high point — that compares with a last trade of $31.87. By comparison, below is a table showing the prices at which WAL insider buying was recorded over the last six months:
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