Fmr LLC Sells 327,800 Shares of Western Alliance Bancorporation (WAL)

FMR LLC lessened its position in Western Alliance Bancorporation (NYSE:WAL) by 28.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 837,317 shares of the financial services provider’s stock after selling 327,800 shares during the quarter. FMR LLC owned about 0.80% of Western Alliance Bancorporation worth $41,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WAL. Winfield Associates Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.6% in the second quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 20 shares during the last quarter. Alps Advisors Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,257 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 24 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Western Alliance Bancorporation by 0.3% in the second quarter. ProShare Advisors LLC now owns 16,516 shares of the financial services provider’s stock valued at $813,000 after purchasing an additional 48 shares during the last quarter. First Interstate Bank increased its holdings in shares of Western Alliance Bancorporation by 2.5% in the second quarter. First Interstate Bank now owns 6,065 shares of the financial services provider’s stock valued at $298,000 after purchasing an additional 150 shares during the last quarter. Finally, Renaissance Group LLC increased its holdings in shares of Western Alliance Bancorporation by 2.0% in the second quarter. Renaissance Group LLC now owns 7,688 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 150 shares during the last quarter. Institutional investors and hedge funds own 81.37% of the company’s stock.

Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 56.25 on Friday. The firm’s 50-day moving average price is $51.29 and its 200-day moving average price is $49.01. The stock has a market capitalization of $5.86 billion, a P/E ratio of 20.31 and a beta of 1.75. Western Alliance Bancorporation has a one year low of $36.30 and a one year high of $56.67.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.78 by $0.01. The firm had revenue of $211.50 million for the quarter, compared to the consensus estimate of $212.27 million. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.71%. The business’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post $3.08 EPS for the current fiscal year.

Several research firms have issued reports on WAL. Jefferies Group LLC reissued a “buy” rating and set a $65.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday. SunTrust Banks, Inc. lifted their price objective on Western Alliance Bancorporation from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $64.50 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday. BidaskClub cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Finally, Barclays PLC set a $62.00 target price on Western Alliance Bancorporation and gave the company a “buy” rating in a report on Wednesday, October 11th. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $62.06.

In other news, CEO Robert Gary Sarver sold 100,000 shares of the business’s 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 in the company, valued at approximately $2,981,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William S. Boyd sold 10,000 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $55.55, for a total transaction of $555,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,000 shares of company stock worth $11,193,950. Insiders own 7.95% of the company’s stock.

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Western Alliance Bancorporation Company 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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