Handelsinvest Investeringsforvaltning acquired a new position in Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 130,000 shares of the financial services provider’s stock, valued at approximately $7,359,000. Western Alliance Bancorporation comprises 1.6% of Handelsinvest Investeringsforvaltning’s investment portfolio, making the stock its 26th biggest holding. Handelsinvest Investeringsforvaltning owned about 0.12% of Western Alliance Bancorporation as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. American Century Companies Inc. purchased a new position in Western Alliance Bancorporation during the second quarter valued at approximately $263,000. Maltese Capital Management LLC raised its position in Western Alliance Bancorporation by 8.0% during the second quarter. Maltese Capital Management LLC now owns 221,568 shares of the financial services provider’s stock valued at $12,543,000 after acquiring an additional 16,473 shares in the last quarter. People s United Financial Inc. raised its position in Western Alliance Bancorporation by 24.6% during the second quarter. People s United Financial Inc. now owns 7,431 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 1,468 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Western Alliance Bancorporation by 6.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 548,676 shares of the financial services provider’s stock valued at $31,061,000 after acquiring an additional 32,776 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Western Alliance Bancorporation by 26.9% during the second quarter. Russell Investments Group Ltd. now owns 46,589 shares of the financial services provider’s stock valued at $2,640,000 after acquiring an additional 9,866 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Shares of WAL opened at $57.92 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.18. 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 $5.99 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.56.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.99 EPS for the quarter, beating the consensus estimate of $0.98 by $0.01. Western Alliance Bancorporation had a return on equity of 16.68% and a net margin of 38.48%. The company had revenue of $237.50 million for the quarter, compared to analyst estimates of $242.86 million. During the same period last year, the company earned $0.76 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 16.8% compared to the same quarter last year. research analysts anticipate that Western Alliance Bancorporation will post 4.04 earnings per share for the current year.
Several brokerages recently weighed in on WAL. Zacks Investment Research reiterated a “sell” rating on shares of Western Alliance Bancorporation in a research report on Saturday, June 30th. Wedbush began coverage on Western Alliance Bancorporation in a research report on Tuesday, July 10th. They set an “outperform” rating and a $67.00 price target for the company. Citigroup began coverage on Western Alliance Bancorporation in a research report on Monday, June 18th. They set a “neutral” rating and a $69.00 price target for the company. Finally, ValuEngine cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, June 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Western Alliance Bancorporation has an average rating of “Buy” and a consensus target price of $67.65.
In other Western Alliance Bancorporation news, Vice Chairman Dale Gibbons acquired 2,093 shares of the company’s stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $56.88 per share, with a total value of $119,049.84. Following the completion of the acquisition, the insider now owns 185,308 shares in the company, valued at $10,540,319.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kenneth Vecchione purchased 10,400 shares of the stock in a transaction dated Friday, July 27th. The stock was purchased at an average cost of $56.95 per share, for a total transaction of $592,280.00. Following the completion of the purchase, the chief executive officer now directly owns 264,667 shares of the company’s stock, valued at $15,072,785.65. The disclosure for this purchase can be found here. Over the last three months, insiders sold 13,852 shares of company stock worth $841,181. 7.48% of the stock is owned by corporate 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: Price to Earnings Ratio (PE) Basics
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