Foundry Partners LLC Decreases Position in Western Alliance Bancorporation (WAL)

Foundry Partners LLC trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 4.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,702 shares of the financial services provider’s stock after selling 2,182 shares during the period. Foundry Partners LLC’s holdings in Western Alliance Bancorporation were worth $1,752,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Paradigm Asset Management Co. LLC purchased a new stake in Western Alliance Bancorporation during the 3rd quarter worth $54,000. Toronto Dominion Bank boosted its position in Western Alliance Bancorporation by 94,800.0% during the 4th quarter. Toronto Dominion Bank now owns 1,898 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,896 shares during the period. Cerebellum GP LLC boosted its position in Western Alliance Bancorporation by 32.7% during the 4th quarter. Cerebellum GP LLC now owns 4,180 shares of the financial services provider’s stock worth $165,000 after purchasing an additional 1,030 shares during the period. First Interstate Bank boosted its position in Western Alliance Bancorporation by 5.0% during the 4th quarter. First Interstate Bank now owns 5,925 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 280 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in Western Alliance Bancorporation during the 4th quarter worth $258,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have weighed in on the stock. Citigroup raised shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $56.00 to $53.00 in a research report on Tuesday, January 15th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, March 6th. Finally, Wells Fargo & Co upped their price objective on shares of Western Alliance Bancorporation from $53.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company. Western Alliance Bancorporation has a consensus rating of “Buy” and an average price target of $59.88.

NYSE:WAL opened at $47.80 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $4.99 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 0.89 and a beta of 1.52. Western Alliance Bancorporation has a 1-year low of $37.39 and a 1-year high of $64.06.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $259.90 million during the quarter, compared to analysts’ expectations of $266.48 million. Western Alliance Bancorporation had a net margin of 40.08% and a return on equity of 18.24%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 EPS. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 4.65 earnings per share for the current fiscal year.

In other news, insider Robert Gary Sarver sold 66,351 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $46.71, for a total value of $3,099,255.21. Following the sale, the insider now owns 59,504 shares in the company, valued at approximately $2,779,431.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Randall S. Theisen sold 2,370 shares of the company’s stock in a transaction dated Tuesday, January 29th. The shares were sold at an average price of $46.09, for a total transaction of $109,233.30. Following the completion of the sale, the executive vice president now owns 9,179 shares in the company, valued at approximately $423,060.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 80,829 shares of company stock valued at $3,766,540. 7.48% of the stock is currently owned by corporate insiders.

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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.

Further Reading: Short Selling

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

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