Virginia Retirement Systems ET AL bought a new stake in Western Alliance Bancorporation (NYSE:WAL) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,500 shares of the financial services provider’s stock, valued at approximately $996,000.
A number of other institutional investors have also added to or reduced their stakes in WAL. CIBC Private Wealth Group LLC increased its stake in Western Alliance Bancorporation by 275.6% in the second quarter. CIBC Private Wealth Group LLC now owns 545,964 shares of the financial services provider’s stock valued at $30,908,000 after purchasing an additional 400,624 shares during the last quarter. Inverness Counsel LLC NY increased its stake in Western Alliance Bancorporation by 87.4% during the second quarter. Inverness Counsel LLC NY now owns 572,597 shares of the financial services provider’s stock worth $32,415,000 after acquiring an additional 267,017 shares during the last quarter. British Airways Pensions Investment Management Ltd acquired a new stake in Western Alliance Bancorporation during the second quarter worth about $10,226,000. KBC Group NV acquired a new stake in Western Alliance Bancorporation during the second quarter worth about $9,083,000. Finally, Millennium Management LLC increased its stake in Western Alliance Bancorporation by 5.9% during the second quarter. Millennium Management LLC now owns 2,599,584 shares of the financial services provider’s stock worth $147,162,000 after acquiring an additional 144,811 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.
Shares of NYSE:WAL opened at $47.31 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.14. Western Alliance Bancorporation has a 12 month low of $45.53 and a 12 month high of $64.06. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 0.98 and a beta of 1.52.
Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, October 18th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. Western Alliance Bancorporation had a return on equity of 17.27% and a net margin of 39.69%. The business had revenue of $238.46 million during the quarter, compared to analyst estimates of $247.04 million. During the same quarter last year, the firm earned $0.79 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 4.07 EPS for the current fiscal year.
In related news, Director Michael Patriarca bought 2,140 shares of the stock in a transaction dated Wednesday, October 24th. The stock was acquired at an average price of $46.78 per share, for a total transaction of $100,109.20. Following the completion of the purchase, the director now owns 8,875 shares in the company, valued at $415,172.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.48% of the stock is currently owned by company insiders.
Several brokerages have commented on WAL. SunTrust Banks dropped their price target on Western Alliance Bancorporation to $63.00 and set a “buy” rating for the company in a research note on Tuesday, October 23rd. Royal Bank of Canada dropped their price target on Western Alliance Bancorporation to $61.00 and set an “outperform” rating for the company in a research note on Monday, October 22nd. Citigroup dropped their price target on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating for the company in a research note on Monday, October 22nd. Barclays dropped their price target on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, October 22nd. Finally, ValuEngine lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Western Alliance Bancorporation has an average rating of “Buy” and a consensus target price of $64.80.
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About Western Alliance Bancorporation
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: Hedge Funds
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