American Century Companies Inc. bought a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,652 shares of the financial services provider’s stock, valued at approximately $263,000.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its stake in Western Alliance Bancorporation by 18.0% in the first quarter. BlackRock Inc. now owns 5,361,669 shares of the financial services provider’s stock worth $311,565,000 after purchasing an additional 817,211 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in Western Alliance Bancorporation by 3.5% in the first quarter. Lord Abbett & CO. LLC now owns 3,848,883 shares of the financial services provider’s stock worth $223,659,000 after purchasing an additional 131,040 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Western Alliance Bancorporation by 5.1% in the first quarter. JPMorgan Chase & Co. now owns 1,775,737 shares of the financial services provider’s stock worth $103,188,000 after purchasing an additional 86,562 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in Western Alliance Bancorporation by 63.7% in the first quarter. Epoch Investment Partners Inc. now owns 1,182,705 shares of the financial services provider’s stock worth $68,726,000 after purchasing an additional 460,154 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its stake in Western Alliance Bancorporation by 15.6% in the second quarter. Eagle Asset Management Inc. now owns 1,017,747 shares of the financial services provider’s stock worth $57,614,000 after purchasing an additional 137,047 shares in the last quarter. Institutional investors own 83.89% of the company’s stock.
A number of research firms recently commented on WAL. Zacks Investment Research reiterated a “sell” rating on shares of Western Alliance Bancorporation in a research note on Saturday, June 30th. Wedbush began coverage on Western Alliance Bancorporation in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $67.00 price target for the company. ValuEngine downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. Wells Fargo & Co set a $66.00 price target on Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Tuesday. Finally, Citigroup initiated coverage on Western Alliance Bancorporation in a research note on Monday, June 18th. They issued a “neutral” rating and a $69.00 price target for the company. One 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. The company has an average rating of “Buy” and an average target price of $67.19.
NYSE WAL traded down $0.61 during trading hours on Friday, reaching $57.46. The company’s stock had a trading volume of 285,617 shares, compared to its average volume of 636,642. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.18. Western Alliance Bancorporation has a 52 week low of $51.82 and a 52 week high of $64.06. The stock has a market capitalization of $6.02 billion, a P/E ratio of 18.54, a P/E/G ratio of 1.08 and a beta of 1.47.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 19th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.01. Western Alliance Bancorporation had a net margin of 38.48% and a return on equity of 16.68%. The firm had revenue of $237.50 million for the quarter, compared to analysts’ expectations of $242.86 million. During the same quarter last year, the company posted $0.76 earnings per share. Western Alliance Bancorporation’s revenue was up 16.8% on a year-over-year basis. As a group, equities research analysts expect that Western Alliance Bancorporation will post 4.04 earnings per share for the current year.
In other Western Alliance Bancorporation news, CEO Kenneth Vecchione purchased 10,400 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were bought at an average price of $56.95 per share, with a total value of $592,280.00. Following the completion of the acquisition, the chief executive officer now owns 264,667 shares in the company, valued at approximately $15,072,785.65. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Dale Gibbons purchased 2,093 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were acquired at an average cost of $56.88 per share, for a total transaction of $119,049.84. Following the acquisition, the insider now owns 185,308 shares of the company’s stock, valued at approximately $10,540,319.04. The disclosure for this purchase can be found here. Company insiders own 7.48% of the company’s stock.
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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