Prudential Financial Inc. raised its stake in shares of Western Alliance Bancorp (NYSE:WAL) by 119.0% during the second quarter, Holdings Channel reports. The firm owned 173,570 shares of the financial services provider’s stock after buying an additional 94,312 shares during the period. Prudential Financial Inc. owned about 0.17% of Western Alliance Bancorp worth $5,667,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its position in Western Alliance Bancorp by 283.0% in the first quarter. Wellington Management Group LLP now owns 3,038,715 shares of the financial services provider’s stock valued at $101,432,000 after buying an additional 2,245,217 shares during the period. Goldman Sachs Group Inc. boosted its position in Western Alliance Bancorp by 657.0% in the first quarter. Goldman Sachs Group Inc. now owns 978,872 shares of the financial services provider’s stock valued at $32,674,000 after buying an additional 849,566 shares during the period. Mesirow Financial Investment Management Equity Management boosted its position in Western Alliance Bancorp by 812.7% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 721,709 shares of the financial services provider’s stock valued at $23,564,000 after buying an additional 642,636 shares during the period. Renaissance Technologies LLC boosted its position in Western Alliance Bancorp by 78.4% in the first quarter. Renaissance Technologies LLC now owns 849,920 shares of the financial services provider’s stock valued at $28,370,000 after buying an additional 373,600 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new position in Western Alliance Bancorp during the second quarter valued at about $11,722,000. 79.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Western Alliance Bancorp (NYSE:WAL) opened at 38.51 on Wednesday. The company has a market capitalization of $3.95 billion, a P/E ratio of 16.71 and a beta of 1.61. Western Alliance Bancorp has a 12-month low of $26.60 and a 12-month high of $39.52. The firm has a 50-day moving average price of $37.36 and a 200 day moving average price of $35.42.
Western Alliance Bancorp (NYSE:WAL) last released 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 research analysts predict that Western Alliance Bancorp will post $2.54 earnings per share for the current year.
Several equities research analysts recently weighed in on the company. Jefferies Group reaffirmed a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research note on Tuesday, September 13th. Zacks Investment Research raised Western Alliance Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock 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 on the stock. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Western Alliance Bancorp currently 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 that occurred on Tuesday, August 30th. The stock was sold at an average price of $37.90, for a total value of $170,550.00. Following the transaction, the director now directly owns 3,295 shares in the company, valued at $124,880.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel P. Myers sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $36.00, for a total value of $540,000.00. Following the completion of the transaction, the executive vice president now owns 62,359 shares in the company, valued at $2,244,924. The disclosure for this sale can be found here. 10.27% of the stock is owned by corporate insiders.
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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