Advisors Asset Management Inc. boosted its stake in Western Alliance Bancorp (NYSE:WAL) by 241.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,881 shares of the financial services provider’s stock after buying an additional 2,744 shares during the period. Advisors Asset Management Inc.’s holdings in Western Alliance Bancorp were worth $127,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. AXA bought a new position in shares of Western Alliance Bancorp during the first quarter valued at approximately $187,000. BlackRock Inc. increased its position in shares of Western Alliance Bancorp by 161.9% in the first quarter. BlackRock Inc. now owns 6,183 shares of the financial services provider’s stock valued at $207,000 after buying an additional 3,822 shares in the last quarter. Pinnacle Financial Partners Inc. bought a new position in shares of Western Alliance Bancorp during the second quarter valued at approximately $207,000. Foundry Partners LLC increased its position in shares of Western Alliance Bancorp by 8.4% in the second quarter. Foundry Partners LLC now owns 7,125 shares of the financial services provider’s stock valued at $233,000 after buying an additional 550 shares in the last quarter. Finally, Rothschild Asset Management Inc. bought a new position in shares of Western Alliance Bancorp during the second quarter valued at approximately $250,000. Institutional investors and hedge funds own 79.12% of the company’s stock.
Western Alliance Bancorp (NYSE:WAL) traded down 0.08% during mid-day trading on Friday, hitting $39.06. The company’s stock had a trading volume of 785,381 shares. The company’s 50 day moving average is $37.21 and its 200-day moving average is $35.28. The stock has a market cap of $4.01 billion, a P/E ratio of 16.95 and a beta of 1.61. Western Alliance Bancorp has a 52-week low of $26.60 and a 52-week high of $39.41.
Western Alliance Bancorp (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Western Alliance Bancorp had a return on equity of 14.48% and a net margin of 35.86%. On average, equities analysts predict that Western Alliance Bancorp will post $2.54 EPS for the current fiscal year.
Several research analysts have commented on the company. Zacks Investment Research downgraded Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Jefferies Group restated a “buy” rating and issued a $42.00 target price on shares of Western Alliance Bancorp in a research note on Tuesday, September 27th. Finally, Wells Fargo & Co. assumed coverage on Western Alliance Bancorp in a research note on Thursday, September 1st. They issued a “market perform” rating for the company. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Western Alliance Bancorp presently has a consensus rating of “Buy” and an average target price of $40.10.
In related news, Director Marianne Boyd Johnson sold 4,500 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $37.90, for a total transaction of $170,550.00. Following the completion of the sale, the director now owns 3,295 shares in the company, valued at $124,880.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donald D. Snyder sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $35.78, for a total value of $1,073,400.00. Following the sale, the director now owns 117,579 shares of the company’s stock, valued at approximately $4,206,976.62. The disclosure for this sale can be found here. Corporate insiders own 10.27% of the company’s stock.
Western Alliance Bancorp Company Profile
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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