Western Alliance Bancorporation (WAL) Position Raised by Alps Advisors Inc.

Alps Advisors Inc. boosted its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 11.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,299 shares of the financial services provider’s stock after acquiring an additional 1,272 shares during the quarter. Alps Advisors Inc.’s holdings in Western Alliance Bancorporation were worth $700,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. First Trust Advisors LP grew its holdings in Western Alliance Bancorporation by 43.4% during the 3rd quarter. First Trust Advisors LP now owns 304,046 shares of the financial services provider’s stock worth $17,297,000 after acquiring an additional 92,057 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Western Alliance Bancorporation by 8.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 570,000 shares of the financial services provider’s stock worth $32,427,000 after acquiring an additional 44,500 shares during the last quarter. Three Peaks Capital Management LLC grew its holdings in Western Alliance Bancorporation by 58.7% during the 3rd quarter. Three Peaks Capital Management LLC now owns 35,681 shares of the financial services provider’s stock worth $2,030,000 after acquiring an additional 13,191 shares during the last quarter. Handelsinvest Investeringsforvaltning grew its holdings in Western Alliance Bancorporation by 15.8% during the 3rd quarter. Handelsinvest Investeringsforvaltning now owns 150,569 shares of the financial services provider’s stock worth $8,566,000 after acquiring an additional 20,569 shares during the last quarter. Finally, Ramsey Quantitative Systems grew its holdings in Western Alliance Bancorporation by 18.2% during the 3rd quarter. Ramsey Quantitative Systems now owns 6,100 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 941 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

WAL has been the topic of a number of research analyst reports. Citigroup decreased their price objective on shares of Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating on the stock in a report on Monday, October 22nd. Barclays decreased their price objective on shares of Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, October 22nd. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, October 13th. Wedbush started coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $67.00 target price on the stock. Finally, Stephens reaffirmed a “buy” rating and issued a $68.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $64.80.

Shares of NYSE WAL opened at $48.88 on Friday. The stock has a market capitalization of $5.17 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.00 and a beta of 1.52. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.91. Western Alliance Bancorporation has a 1 year low of $45.53 and a 1 year high of $64.06.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 18th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $238.46 million for the quarter, compared to analyst estimates of $247.04 million. Western Alliance Bancorporation had a net margin of 39.69% and a return on equity of 17.27%. During the same quarter last year, the firm earned $0.79 EPS. Analysts expect that Western Alliance Bancorporation will post 4.07 EPS for the current year.

In other Western Alliance Bancorporation news, Director Michael Patriarca bought 2,140 shares of Western Alliance Bancorporation stock in a transaction dated Wednesday, October 24th. The shares were bought at an average price of $46.78 per share, with a total value of $100,109.20. Following the purchase, the director now owns 8,875 shares of the company’s stock, valued at $415,172.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.48% of the stock is currently owned by company insiders.

Western Alliance Bancorporation 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.

Further Reading: Why is the ex-dividend date different from the record date?

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

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