FIL Ltd Invests $6.70 Million in Western Alliance Bancorporation (WAL) Stock

FIL Ltd purchased a new position in Western Alliance Bancorporation (NYSE:WAL) during the 3rd quarter, Holdings Channel reports. The firm purchased 117,793 shares of the financial services provider’s stock, valued at approximately $6,701,000.

A number of other institutional investors have also bought and sold shares of the business. Millennium Management LLC grew its position in Western Alliance Bancorporation by 5.9% in the second quarter. Millennium Management LLC now owns 2,599,584 shares of the financial services provider’s stock worth $147,162,000 after buying an additional 144,811 shares during the last quarter. JPMorgan Chase & Co. grew its position in Western Alliance Bancorporation by 5.5% in the third quarter. JPMorgan Chase & Co. now owns 1,832,108 shares of the financial services provider’s stock worth $104,229,000 after buying an additional 95,626 shares during the last quarter. Epoch Investment Partners Inc. grew its position in Western Alliance Bancorporation by 5.6% in the second quarter. Epoch Investment Partners Inc. now owns 1,248,569 shares of the financial services provider’s stock worth $70,681,000 after buying an additional 65,864 shares during the last quarter. Eagle Asset Management Inc. grew its position in Western Alliance Bancorporation by 7.3% in the third quarter. Eagle Asset Management Inc. now owns 1,092,048 shares of the financial services provider’s stock worth $62,126,000 after buying an additional 74,301 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Western Alliance Bancorporation by 7.1% in the third quarter. Alliancebernstein L.P. now owns 922,343 shares of the financial services provider’s stock worth $52,472,000 after buying an additional 61,388 shares during the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.

In other news, Director Michael Patriarca acquired 2,140 shares of the stock in a transaction on Wednesday, October 24th. The shares were purchased at an average cost of $46.78 per share, for a total transaction of $100,109.20. Following the transaction, the director now owns 8,875 shares in the company, valued at approximately $415,172.50. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.48% of the company’s stock.

NYSE WAL opened at $46.87 on Friday. Western Alliance Bancorporation has a twelve month low of $45.53 and a twelve month high of $64.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.01 and a beta of 1.52.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, October 18th. The financial services provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. Western Alliance Bancorporation had a net margin of 39.69% and a return on equity of 17.27%. The firm had revenue of $238.46 million for the quarter, compared to analysts’ expectations of $247.04 million. During the same period in the previous year, the company posted $0.79 EPS. As a group, equities analysts expect that Western Alliance Bancorporation will post 4.09 earnings per share for the current year.

Several research firms have issued reports on WAL. Barclays decreased their price target on shares of Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, October 22nd. Wells Fargo & Co set a $66.00 price target on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research report on Tuesday, October 2nd. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Stephens reiterated a “buy” rating and set a $68.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 19th. Finally, Citigroup lowered 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 research report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $64.80.

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Western Alliance Bancorporation Company 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.

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

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