Handelsbanken Fonder AB purchased a new position in Western Alliance Bancorporation (NYSE:WAL) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 271,884 shares of the financial services provider’s stock, valued at approximately $15,799,000. Handelsbanken Fonder AB owned about 0.26% of Western Alliance Bancorporation at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in WAL. American International Group Inc. bought a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $124,000. Ladenburg Thalmann Financial Services Inc. grew its stake in Western Alliance Bancorporation by 44.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,344 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 1,023 shares in the last quarter. Timber Hill LLC bought a new position in Western Alliance Bancorporation in the fourth quarter worth approximately $208,000. Clinton Group Inc. bought a new position in Western Alliance Bancorporation in the first quarter worth approximately $212,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Western Alliance Bancorporation in the first quarter worth approximately $237,000. 83.38% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on WAL shares. Sandler O’Neill reaffirmed a “buy” rating and set a $68.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, April 20th. UBS Group started coverage on Western Alliance Bancorporation in a research note on Wednesday, March 21st. They set a “buy” rating and a $70.00 price objective for the company. ValuEngine lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Saturday, April 7th. Finally, Citigroup began coverage on Western Alliance Bancorporation in a report on Monday, June 18th. They issued a “neutral” rating and a $69.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $67.71.
In other Western Alliance Bancorporation news, Director Sung Won Sohn sold 2,500 shares of the firm’s stock in a transaction on Friday, May 4th. The shares were sold at an average price of $60.00, for a total transaction of $150,000.00. Following the completion of the transaction, the director now directly owns 5,310 shares of the company’s stock, valued at approximately $318,600. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gerald A. Cady sold 5,500 shares of the firm’s stock in a transaction on Monday, April 30th. The stock was sold at an average price of $60.00, for a total transaction of $330,000.00. Following the transaction, the executive vice president now directly owns 87,789 shares of the company’s stock, valued at $5,267,340. The disclosure for this sale can be found here. Insiders have sold a total of 17,352 shares of company stock worth $1,057,301 in the last ninety days. 7.48% of the stock is currently owned by insiders.
WAL stock opened at $56.61 on Friday. Western Alliance Bancorporation has a 12 month low of $44.83 and a 12 month high of $64.06. The company has a market capitalization of $6.11 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 1.09 and a beta of 1.57. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.29.
Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, April 19th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.03. Western Alliance Bancorporation had a net margin of 37.80% and a return on equity of 16.18%. The firm had revenue of $226.90 million for the quarter, compared to analyst estimates of $232.59 million. During the same quarter last year, the business earned $0.70 earnings per share. Western Alliance Bancorporation’s revenue was up 19.9% compared to the same quarter last year. equities analysts anticipate that Western Alliance Bancorporation will post 4.06 EPS for the current fiscal year.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts.
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