Boston Advisors LLC Lowers Position in Western Alliance Bancorp (WAL)
Boston Advisors LLC decreased its stake in Western Alliance Bancorp (NYSE:WAL) by 74.7% during the second quarter, Holdings Channel reports. The firm owned 20,940 shares of the financial services provider’s stock after selling 61,835 shares during the period. Boston Advisors LLC’s holdings in Western Alliance Bancorp were worth $684,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Loomis Sayles & Co. L P increased its stake in shares of Western Alliance Bancorp by 0.9% in the first quarter. Loomis Sayles & Co. L P now owns 62,607 shares of the financial services provider’s stock valued at $2,090,000 after buying an additional 535 shares during the period. Goldman Sachs Group Inc. increased its stake in Western Alliance Bancorp by 657.0% in the first quarter. Goldman Sachs Group Inc. now owns 978,872 shares of the financial services provider’s stock worth $32,674,000 after buying an additional 849,566 shares during the period. AXA acquired a new stake in Western Alliance Bancorp during the first quarter worth about $187,000. Quadrature Capital Ltd acquired a new stake in Western Alliance Bancorp during the first quarter worth about $899,000. Finally, State Street Corp increased its stake in Western Alliance Bancorp by 3.0% in the first quarter. State Street Corp now owns 3,448,362 shares of the financial services provider’s stock worth $115,105,000 after buying an additional 99,325 shares during the period. Hedge funds and other institutional investors own 79.12% of the company’s stock.
Western Alliance Bancorp (NYSE:WAL) traded up 2.42% during trading on Tuesday, hitting $38.05. 928,752 shares of the company traded hands. The firm has a market capitalization of $3.91 billion, a P/E ratio of 16.51 and a beta of 1.61. Western Alliance Bancorp has a 12-month low of $26.60 and a 12-month high of $39.11. The stock has a 50-day moving average price of $36.97 and a 200-day moving average price of $35.18.
Western Alliance Bancorp (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.01. Western Alliance Bancorp had a return on equity of 14.48% and a net margin of 35.86%. Equities analysts expect that Western Alliance Bancorp will post $2.54 EPS for the current fiscal year.
WAL has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Western Alliance Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 25th. Wells Fargo & Co. initiated coverage on shares of Western Alliance Bancorp in a report on Thursday, September 1st. They issued a “market perform” rating on the stock. Finally, Jefferies Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Western Alliance Bancorp in a report on Tuesday, September 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Western Alliance Bancorp currently has a consensus rating of “Buy” and a consensus price target of $40.10.
In related news, Director Donald D. Snyder sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $34.00, for a total transaction of $510,000.00. Following the transaction, the director now directly owns 117,579 shares of the company’s stock, valued at approximately $3,997,686. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Donald D. Snyder sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $35.78, for a total value of $1,073,400.00. Following the transaction, the director now directly owns 117,579 shares in the company, valued at $4,206,976.62. The disclosure for this sale can be found here. Corporate insiders own 10.27% of the company’s stock.
About Western Alliance Bancorp
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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