Citigroup Inc. Sells 39,345 Shares of Western Alliance Bancorporation (NYSE:WAL)

Citigroup Inc. cut its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 28.7% during the 2nd quarter, Holdings Channel reports. The firm owned 97,716 shares of the financial services provider’s stock after selling 39,345 shares during the quarter. Citigroup Inc.’s holdings in Western Alliance Bancorporation were worth $9,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in WAL. FMR LLC increased its stake in shares of Western Alliance Bancorporation by 52.0% during the 1st quarter. FMR LLC now owns 451,964 shares of the financial services provider’s stock worth $18,549,000 after purchasing an additional 154,596 shares during the last quarter. Comerica Bank increased its stake in shares of Western Alliance Bancorporation by 19.0% during the 1st quarter. Comerica Bank now owns 6,950 shares of the financial services provider’s stock worth $742,000 after purchasing an additional 1,112 shares during the last quarter. Exencial Wealth Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the 1st quarter worth about $206,000. Arizona State Retirement System increased its stake in shares of Western Alliance Bancorporation by 0.4% during the 1st quarter. Arizona State Retirement System now owns 27,884 shares of the financial services provider’s stock worth $2,633,000 after purchasing an additional 103 shares during the last quarter. Finally, The PNC Financial Services Group Inc. increased its stake in shares of Western Alliance Bancorporation by 32.3% during the 1st quarter. The PNC Financial Services Group Inc. now owns 6,306 shares of the financial services provider’s stock worth $595,000 after purchasing an additional 1,539 shares during the last quarter. Institutional investors own 85.80% of the company’s stock.

Several research firms have recently weighed in on WAL. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Thursday, September 16th. TheStreet lowered shares of Western Alliance Bancorporation from a “b” rating to a “c+” rating in a research note on Monday, August 30th. Finally, Royal Bank of Canada upped their price target on shares of Western Alliance Bancorporation from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 19th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Buy” and a consensus target price of $95.15.

Shares of NYSE:WAL opened at $96.50 on Wednesday. The company’s 50 day moving average price is $96.65 and its two-hundred day moving average price is $97.59. Western Alliance Bancorporation has a 12-month low of $30.34 and a 12-month high of $109.84. The firm has a market cap of $10.06 billion, a PE ratio of 13.11 and a beta of 1.69. The company has a quick ratio of 0.79, a current ratio of 0.90 and a debt-to-equity ratio of 0.44.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Wednesday, July 14th. The financial services provider reported $2.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.15. Western Alliance Bancorporation had a net margin of 47.52% and a return on equity of 21.08%. The firm had revenue of $506.50 million for the quarter, compared to analyst estimates of $494.56 million. During the same quarter in the prior year, the business posted $0.93 EPS. On average, research analysts expect that Western Alliance Bancorporation will post 8.63 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Thursday, August 12th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.25. Western Alliance Bancorporation’s dividend payout ratio is presently 27.78%.

In other news, Chairman Robert Gary Sarver purchased 200,000 shares of the business’s stock in a transaction dated Wednesday, September 15th. The stock was bought at an average price of $25.00 per share, with a total value of $5,000,000.00. Following the acquisition, the chairman now owns 48,044 shares in the company, valued at approximately $1,201,100. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven J. Hilton purchased 40,000 shares of the business’s stock in a transaction dated Wednesday, September 15th. The shares were purchased at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director now owns 3,074 shares in the company, valued at approximately $76,850. The disclosure for this purchase can be found here. Corporate insiders own 2.81% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial; Consumer Related, and Corporate and Other. The Commercial segment focuses in delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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

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