Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at one noteworthy recent insider buy.
On Thursday, Chief Accounting Officer J. Kelly Ardrey Jr. bought $236,010 worth of Western Alliance Bancorporation, buying 3,000 shares at a cost of $78.67 each. This purchase marks the first one filed by Ardrey Jr. in the past year. Western Alliance Bancorporation is trading up about 0.8% on the day Monday. Bargain hunters have the opportunity to buy WAL even cheaper than Ardrey Jr. did, with the stock trading as low as $76.40 at last check today -- that's 2.9% under Ardrey Jr.'s purchase price.
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