Engineers Gate Manager LP Invests $633,000 in Western Alliance Bancorporation (WAL)

Engineers Gate Manager LP purchased a new position in Western Alliance Bancorporation (NYSE:WAL) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,921 shares of the financial services provider’s stock, valued at approximately $633,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in shares of Western Alliance Bancorporation by 41.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 39,891 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 11,732 shares during the period. Sirios Capital Management L P lifted its position in shares of Western Alliance Bancorporation by 4.4% during the 3rd quarter. Sirios Capital Management L P now owns 270,211 shares of the financial services provider’s stock valued at $14,343,000 after acquiring an additional 11,365 shares during the period. Epoch Investment Partners Inc. lifted its position in shares of Western Alliance Bancorporation by 0.5% during the 3rd quarter. Epoch Investment Partners Inc. now owns 910,707 shares of the financial services provider’s stock valued at $48,340,000 after acquiring an additional 4,936 shares during the period. Dearborn Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter valued at $205,000. Finally, Westfield Capital Management Co. LP lifted its position in shares of Western Alliance Bancorporation by 78.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,114,177 shares of the financial services provider’s stock valued at $59,141,000 after acquiring an additional 489,157 shares during the period. Hedge funds and other institutional investors own 81.82% of the company’s stock.

A number of research analysts recently issued reports on WAL shares. DA Davidson reiterated a “buy” rating and set a $64.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, October 23rd. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Tuesday, September 5th. Barclays set a $65.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, October 23rd. SunTrust Banks upped their price objective on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $64.50 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $62.06.

In related news, Director Marianne Boyd Johnson sold 4,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.42, for a total transaction of $217,680.00. Following the completion of the transaction, the director now owns 3,295 shares in the company, valued at $179,313.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $55.22, for a total transaction of $5,522,000.00. Following the transaction, the chief executive officer now owns 54,000 shares of the company’s stock, valued at approximately $2,981,880. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,000 shares of company stock valued at $9,611,590. 7.95% of the stock is owned by company insiders.

Western Alliance Bancorporation (NYSE WAL) traded up $1.10 during midday trading on Friday, hitting $57.40. 1,664,924 shares of the stock traded hands, compared to its average volume of 530,811. Western Alliance Bancorporation has a 12-month low of $44.64 and a 12-month high of $60.25. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $5,939.09, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 1.62 and a beta of 1.76.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The firm had revenue of $211.50 million during the quarter, compared to analyst estimates of $212.27 million. During the same quarter in the prior year, the business posted $0.66 EPS. The business’s revenue was up 15.4% compared to the same quarter last year. equities analysts forecast that Western Alliance Bancorporation will post 3.07 EPS for the current fiscal year.

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Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposit, lending, treasury management, international banking and online banking products and services through its banking subsidiary, Western Alliance Bank (WAB or the Bank). The Company’s regional segments include Arizona, Nevada, Southern California and Northern California, which provide banking and related services to their respective markets.

Institutional Ownership by Quarter for Western Alliance Bancorporation (NYSE:WAL)

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