Nachlas Emily, Chief Risk Officer at Western Alliance Bancorporation (WAL), has filed 86 Form 4 transactions, all in that single company. The pattern is entirely one-directional: zero open-market purchases and zero acquisitions of any kind, against $192,191.46 in total sales. The selling is not discretionary. Every recent transaction pairs a code "M" (option exercise, valued at $0) with a code "D" (sale back to the issuer), which is a routine method for disposing of shares to cover tax obligations on vesting equity.
The most recent cluster, filed on September 15, 2026, shows three such D transactions valued at $5,057.92, $4,188.59, and $5,690.16. The same structure repeats on August 15, 2026, with values of $5,268.48, $4,362.96, and $5,927.04, and on July 15, 2026, at $5,234.56, $4,334.87, and $5,888.88. June 15, 2026, shows $5,235.84, $4,335.93, and $5,890.32. The May 15, 2026, filing shows a single D transaction at $4,762.88. The dollar amounts cluster tightly between roughly $4,100 and $5,900, consistent with fixed share counts sold at prevailing prices.
The data contains no code "P" purchases and no code "S" open-market sales. The absence of both conviction buying and discretionary selling means the filings reveal no directional bet on WAL stock. The activity is mechanical, tied to monthly vesting schedules, and the recent direction is flat. Nachlas has not added to her position through the open market in any filing covered by this dataset.
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