GW&K Investment Management LLC boosted its stake in Western Alliance Bancorporation (NYSE:WAL) by 30.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 829,783 shares of the financial services provider’s stock after purchasing an additional 195,665 shares during the quarter. GW&K Investment Management LLC owned about 0.81% of Western Alliance Bancorporation worth $38,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in WAL. Renaissance Group LLC grew its position in Western Alliance Bancorporation by 3.2% during the third quarter. Renaissance Group LLC now owns 9,493 shares of the financial services provider’s stock valued at $437,000 after acquiring an additional 294 shares during the last quarter. Comerica Bank grew its position in Western Alliance Bancorporation by 5.5% during the third quarter. Comerica Bank now owns 6,118 shares of the financial services provider’s stock valued at $296,000 after acquiring an additional 317 shares during the last quarter. Pitcairn Co. grew its position in Western Alliance Bancorporation by 3.1% during the second quarter. Pitcairn Co. now owns 15,698 shares of the financial services provider’s stock valued at $702,000 after acquiring an additional 471 shares during the last quarter. Creative Planning grew its position in Western Alliance Bancorporation by 1.6% during the second quarter. Creative Planning now owns 32,949 shares of the financial services provider’s stock valued at $1,473,000 after acquiring an additional 529 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Western Alliance Bancorporation by 8.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,350 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 566 shares during the last quarter. 83.91% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the stock. Wedbush reiterated an “outperform” rating on shares of Western Alliance Bancorporation in a research report on Tuesday, July 16th. Citigroup set a $58.00 target price on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, October 21st. SunTrust Banks cut their target price on shares of Western Alliance Bancorporation from $57.00 to $56.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Piper Jaffray Companies set a $62.00 target price on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, October 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $55.83.
In related news, Director Todd Marshall sold 20,000 shares of Western Alliance Bancorporation stock in a transaction on Friday, November 1st. The shares were sold at an average price of $50.18, for a total value of $1,003,600.00. Following the sale, the director now owns 27,096 shares in the company, valued at $1,359,677.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 50,000 shares of company stock worth $2,523,400. 7.72% of the stock is currently owned by company insiders.
Shares of Western Alliance Bancorporation stock traded down $0.10 on Friday, hitting $52.57. The stock had a trading volume of 678,279 shares, compared to its average volume of 820,324. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13. Western Alliance Bancorporation has a one year low of $37.39 and a one year high of $53.60. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 0.72 and a beta of 1.65. The stock’s 50-day simple moving average is $47.25 and its two-hundred day simple moving average is $45.51.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. Western Alliance Bancorporation had a net margin of 39.08% and a return on equity of 17.65%. The firm had revenue of $288.90 million for the quarter, compared to analysts’ expectations of $281.83 million. During the same quarter last year, the business earned $1.05 earnings per share. The business’s revenue was up 14.2% on a year-over-year basis. As a group, equities analysts predict that Western Alliance Bancorporation will post 4.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.90%. The ex-dividend date is Thursday, November 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 24.15%.
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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