Bank of New York Mellon Corp grew its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 0.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 461,919 shares of the financial services provider’s stock after purchasing an additional 2,056 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.44% of Western Alliance Bancorporation worth $18,241,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in WAL. Neuberger Berman Group LLC increased its stake in Western Alliance Bancorporation by 49.6% during the third quarter. Neuberger Berman Group LLC now owns 7,203 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 2,389 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $258,000. Banco Santander S.A. purchased a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $792,000. Handelsbanken Fonder AB increased its stake in shares of Western Alliance Bancorporation by 32.3% during the fourth quarter. Handelsbanken Fonder AB now owns 753,842 shares of the financial services provider’s stock worth $29,769,000 after buying an additional 183,842 shares during the period. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Western Alliance Bancorporation by 33.7% during the fourth quarter. Xact Kapitalforvaltning AB now owns 17,860 shares of the financial services provider’s stock worth $705,000 after buying an additional 4,500 shares during the period. 84.69% of the stock is currently owned by institutional investors.
A number of research firms recently weighed in on WAL. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. TheStreet lowered shares of Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a research note on Monday, December 24th. Finally, Citigroup upgraded shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and dropped their price target for the company from $56.00 to $53.00 in a research note on Tuesday, January 15th. Two investment analysts have rated the stock with a sell rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $61.67.
Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, January 24th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Western Alliance Bancorporation had a return on equity of 17.81% and a net margin of 40.48%. The business had revenue of $281.97 million during the quarter, compared to the consensus estimate of $262.36 million. During the same period in the prior year, the company earned $0.85 earnings per share. The company’s revenue was up 23.4% compared to the same quarter last year. Research analysts predict that Western Alliance Bancorporation will post 4.63 EPS for the current fiscal year.
In other Western Alliance Bancorporation news, EVP Robert Reoch Mcauslan sold 2,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $44.97, for a total value of $89,940.00. Following the completion of the transaction, the executive vice president now owns 15,611 shares in the company, valued at $702,026.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce D. Beach sold 3,750 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $46.55, for a total value of $174,562.50. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $232,750. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,478 shares of company stock valued at $667,285. Corporate insiders own 7.48% of the company’s stock.
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.
Read More: Catch-Up Contributions
Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.