Tower Research Capital LLC TRC boosted its stake in Western Alliance Bancorp (NYSE:WAL) by 163.3% during the second quarter, Holdings Channel reports. The institutional investor owned 3,455 shares of the financial services provider’s stock after buying an additional 2,143 shares during the period. Tower Research Capital LLC TRC’s holdings in Western Alliance Bancorp were worth $113,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of WAL. Advisors Asset Management Inc. increased its position in Western Alliance Bancorp by 241.3% in the second quarter. Advisors Asset Management Inc. now owns 3,881 shares of the financial services provider’s stock valued at $127,000 after buying an additional 2,744 shares in the last quarter. TCI Wealth Advisors Inc. increased its position in Western Alliance Bancorp by 1.3% in the second quarter. TCI Wealth Advisors Inc. now owns 5,191 shares of the financial services provider’s stock valued at $169,000 after buying an additional 66 shares in the last quarter. AXA purchased a new position in Western Alliance Bancorp during the first quarter valued at about $187,000. BlackRock Inc. increased its position in 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. Finally, Pinnacle Financial Partners Inc. purchased a new position in Western Alliance Bancorp during the second quarter valued at about $207,000. 79.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Western Alliance Bancorp (NYSE:WAL) opened at 37.22 on Friday. Western Alliance Bancorp has a 52-week low of $26.60 and a 52-week high of $39.52. The company has a 50 day moving average of $37.45 and a 200-day moving average of $35.45. The company has a market cap of $3.82 billion, a PE ratio of 16.15 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last posted its earnings results on Thursday, July 21st. The financial services provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Western Alliance Bancorp had a net margin of 35.86% and a return on equity of 14.48%. Analysts forecast that Western Alliance Bancorp will post $2.54 EPS for the current fiscal year.
WAL has been the topic of a number of analyst reports. Jefferies Group reissued a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research note on Tuesday, September 27th. Zacks Investment Research downgraded Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Finally, Wells Fargo & Co. initiated 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 stock. Western Alliance Bancorp presently has an average rating of “Buy” and an average price target of $40.10.
In other news, Director Marianne Boyd Johnson sold 4,500 shares of Western Alliance Bancorp stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $37.90, for a total transaction of $170,550.00. Following the transaction, the director now owns 3,295 shares in the company, valued at $124,880.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald D. Snyder sold 30,000 shares of Western Alliance Bancorp stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $35.78, for a total transaction of $1,073,400.00. Following the transaction, the director now owns 117,579 shares in the company, valued at approximately $4,206,976.62. The disclosure for this sale can be found here. Company insiders own 10.27% of the company’s stock.
About Western Alliance Bancorp
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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