Western Alliance Bancorporation (WAL) Position Trimmed by Suntrust Banks Inc.
Suntrust Banks Inc. reduced its position in Western Alliance Bancorporation (NYSE:WAL) by 3.2% in the fourth quarter, Holdings Channel reports. The fund owned 69,283 shares of the financial services provider’s stock after selling 2,272 shares during the period. Suntrust Banks Inc.’s holdings in Western Alliance Bancorporation were worth $2,736,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Paradigm Asset Management Co. LLC purchased a new stake in Western Alliance Bancorporation during the 3rd quarter valued at $54,000. Toronto Dominion Bank raised its stake 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 valued at $75,000 after buying an additional 1,896 shares during the last quarter. Cerebellum GP LLC raised its stake 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 valued at $165,000 after buying an additional 1,030 shares during the last quarter. First Interstate Bank raised its stake 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 valued at $234,000 after buying an additional 280 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. raised its stake in Western Alliance Bancorporation by 28,586.7% during the 3rd quarter. Piedmont Investment Advisors Inc. now owns 4,303 shares of the financial services provider’s stock valued at $245,000 after buying an additional 4,288 shares during the last quarter. Institutional investors own 84.54% of the company’s stock.
WAL has been the subject of a number of research reports. Citigroup upgraded shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and decreased their target price for the company from $56.00 to $53.00 in a research note on Tuesday, January 15th. TheStreet lowered shares of Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a research note on Monday, December 24th. Stephens reiterated a “buy” rating and set a $60.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, December 12th. ValuEngine lowered shares of Western Alliance Bancorporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 5th. Finally, Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Western Alliance Bancorporation currently has an average rating of “Buy” and an average target price of $61.67.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, January 24th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Western Alliance Bancorporation had a net margin of 40.48% and a return on equity of 17.81%. The firm had revenue of $281.97 million during the quarter, compared to the consensus estimate of $262.36 million. During the same quarter in the previous year, the firm posted $0.85 EPS. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 4.7 earnings per share for the current fiscal year.
In other news, EVP Randall S. Theisen sold 2,370 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $423,060.11. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert Reoch Mcauslan sold 2,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $44.97, for a total transaction of $89,940.00. Following the sale, the executive vice president now directly owns 15,611 shares of the company’s stock, valued at approximately $702,026.67. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,478 shares of company stock valued at $667,285. Insiders own 7.48% of the company’s stock.
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Western Alliance Bancorporation 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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