Vanguard Group Inc. raised its position in Western Alliance Bancorp (NYSE:WAL) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,485,601 shares of the financial services provider’s stock after buying an additional 76,472 shares during the period. Vanguard Group Inc. owned about 6.32% of Western Alliance Bancorp worth $211,755,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Advisors Asset Management Inc. boosted its stake 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 worth $127,000 after buying an additional 2,744 shares during the period. TCI Wealth Advisors Inc. boosted its stake 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 worth $169,000 after buying an additional 66 shares during the period. AXA purchased a new stake in Western Alliance Bancorp during the first quarter worth approximately $187,000. BlackRock Inc. boosted its stake 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 worth $207,000 after buying an additional 3,822 shares during the period. Finally, Pinnacle Financial Partners Inc. purchased a new stake in Western Alliance Bancorp during the second quarter worth approximately $207,000. 79.09% of the stock is owned by institutional investors.
Western Alliance Bancorp (NYSE:WAL) opened at 37.31 on Friday. The company has a 50-day moving average price of $37.46 and a 200 day moving average price of $35.50. Western Alliance Bancorp has a 12 month low of $26.60 and a 12 month high of $39.52. The firm has a market cap of $3.83 billion, a PE ratio of 16.19 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 earnings per share for the quarter, beating 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%. Equities research analysts anticipate that Western Alliance Bancorp will post $2.54 EPS for the current year.
A number of analysts have recently commented on the company. Zacks Investment Research cut Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 25th. Wells Fargo & Co. assumed coverage on Western Alliance Bancorp in a research report on Thursday, September 1st. They set a “market perform” rating on the stock. Finally, Jefferies Group reiterated a “buy” rating and set a $42.00 target price on shares of Western Alliance Bancorp in a research report on Tuesday, September 27th. 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 presently has a consensus rating of “Buy” and an average price target of $40.10.
In other Western Alliance Bancorp news, EVP Daniel P. Myers sold 15,000 shares of the company’s stock in a transaction dated 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 directly owns 62,359 shares of the company’s stock, valued at approximately $2,244,924. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James Harwood Lundy III sold 7,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $36.34, for a total transaction of $254,380.00. Following the completion of the transaction, the executive vice president now directly owns 85,906 shares of the company’s stock, valued at $3,121,824.04. The disclosure for this sale can be found here. 10.27% of the stock is currently owned by company insiders.
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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