Franklin Resources Inc. grew its holdings in Western Alliance Bancorporation (NYSE:WAL) by 11.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 975,675 shares of the financial services provider’s stock after purchasing an additional 101,966 shares during the quarter. Franklin Resources Inc. owned approximately 0.92% of Western Alliance Bancorporation worth $55,506,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Paloma Partners Management Co boosted its stake in Western Alliance Bancorporation by 129.1% during the 2nd quarter. Paloma Partners Management Co now owns 10,303 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 5,805 shares during the last quarter. Alta Capital Management LLC boosted its stake in Western Alliance Bancorporation by 2.2% during the 3rd quarter. Alta Capital Management LLC now owns 305,271 shares of the financial services provider’s stock worth $17,366,000 after acquiring an additional 6,537 shares during the last quarter. Chartwell Investment Partners LLC boosted its stake in Western Alliance Bancorporation by 17.2% during the 2nd quarter. Chartwell Investment Partners LLC now owns 138,325 shares of the financial services provider’s stock worth $7,831,000 after acquiring an additional 20,328 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Western Alliance Bancorporation by 4.1% during the 2nd quarter. Advisors Asset Management Inc. now owns 24,283 shares of the financial services provider’s stock worth $1,375,000 after acquiring an additional 955 shares during the last quarter. Finally, Banco Santander S.A. bought a new position in Western Alliance Bancorporation during the 3rd quarter worth approximately $792,000. 84.80% of the stock is currently owned by institutional investors.
Shares of WAL stock opened at $41.29 on Friday. 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 $4.59 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 0.94 and a beta of 1.49. Western Alliance Bancorporation has a 52 week low of $40.71 and a 52 week high of $64.06.
Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, October 18th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $238.46 million for the quarter, compared to the consensus estimate 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 period last year, the company posted $0.79 EPS. On average, analysts forecast that Western Alliance Bancorporation will post 4.09 EPS for the current year.
Several research firms recently weighed in on WAL. Barclays reduced 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 research note on Monday, October 22nd. Wells Fargo & Co set a $66.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Stephens reissued a “buy” rating and set a $68.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, October 19th. Finally, Citigroup reduced 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 note on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $64.80.
In related news, Director Michael Patriarca bought 2,140 shares of the company’s 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 acquisition, the director now owns 8,875 shares of the company’s stock, valued at approximately $415,172.50. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 7.48% of the company’s stock.
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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.
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