Smithfield Trust Co. Maintains Stake in Western Alliance Bancorporation (WAL)
Smithfield Trust Co. maintained its position in Western Alliance Bancorporation (NYSE:WAL) during the second quarter, Holdings Channel reports. The fund owned 3,184 shares of the financial services provider’s stock at the end of the second quarter. Smithfield Trust Co.’s holdings in Western Alliance Bancorporation were worth $157,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the company. Winfield Associates Inc. raised its position in Western Alliance Bancorporation by 0.6% in the second quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock worth $168,000 after buying an additional 20 shares in the last quarter. Investment Counselors of Maryland LLC purchased a new position in Western Alliance Bancorporation during the first quarter worth approximately $186,000. Solaris Asset Management LLC raised its position in Western Alliance Bancorporation by 1.3% in the first quarter. Solaris Asset Management LLC now owns 4,000 shares of the financial services provider’s stock worth $196,000 after buying an additional 50 shares in the last quarter. Parametrica Management Ltd purchased a new position in Western Alliance Bancorporation during the first quarter worth approximately $200,000. Finally, Stratos Wealth Partners LTD. purchased a new position in Western Alliance Bancorporation during the second quarter worth approximately $207,000. 84.45% of the stock is owned by hedge funds and other institutional investors.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 50.61 on Wednesday. The stock has a market cap of $5.27 billion, a P/E ratio of 18.28 and a beta of 1.73. The firm has a 50-day moving average of $49.46 and a 200-day moving average of $48.98. Western Alliance Bancorporation has a 52-week low of $34.78 and a 52-week high of $53.84.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.03. The firm had revenue of $203.19 million during the quarter, compared to analysts’ expectations of $203.71 million. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. During the same quarter in the previous year, the company earned $0.62 earnings per share. On average, equities analysts expect that Western Alliance Bancorporation will post $3.04 EPS for the current fiscal year.
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A number of equities analysts recently commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, July 25th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Tuesday, July 25th. Barclays PLC reaffirmed an “overweight” rating and issued a $59.00 price objective (up previously from $58.00) on shares of Western Alliance Bancorporation in a research note on Monday, July 24th. BidaskClub lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Keefe, Bruyette & Woods set a $58.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Monday, June 26th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $57.20.
In other news, Chairman Robert Gary Sarver sold 65,448 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $50.39, for a total value of $3,297,924.72. Following the completion of the transaction, the chairman now owns 54,000 shares in the company, valued at $2,721,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.95% of the stock is owned by corporate insiders.
About Western Alliance Bancorporation
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposit, lending, treasury management, international banking and online banking products and services through its banking subsidiary, Western Alliance Bank (WAB or the Bank). The Company’s regional segments include Arizona, Nevada, Southern California and Northern California, which provide banking and related services to their respective markets.
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