BlackRock Inc. Boosts Position in Western Alliance Bancorporation (NYSE:WAL)

BlackRock Inc. raised its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 7,273.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,338,702 shares of the financial services provider’s stock after buying an additional 4,279,862 shares during the period. BlackRock Inc. owned 4.17% of Western Alliance Bancorporation worth $212,988,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Solaris Asset Management LLC increased its stake 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 valued at $196,000 after buying an additional 50 shares during the last quarter. First Interstate Bank increased its stake in Western Alliance Bancorporation by 2.9% in the first quarter. First Interstate Bank now owns 5,915 shares of the financial services provider’s stock valued at $290,000 after buying an additional 165 shares during the last quarter. IFP Advisors Inc increased its stake in Western Alliance Bancorporation by 2.4% in the first quarter. IFP Advisors Inc now owns 21,639 shares of the financial services provider’s stock valued at $1,062,000 after buying an additional 504 shares during the last quarter. Intrust Bank NA increased its stake in Western Alliance Bancorporation by 7.7% in the first quarter. Intrust Bank NA now owns 7,936 shares of the financial services provider’s stock valued at $389,000 after buying an additional 564 shares during the last quarter. Finally, Swiss National Bank increased its stake in Western Alliance Bancorporation by 0.6% in the first quarter. Swiss National Bank now owns 156,400 shares of the financial services provider’s stock valued at $7,678,000 after buying an additional 900 shares during the last quarter. 84.24% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation (WAL) opened at 49.05 on Monday. The stock has a market capitalization of $5.10 billion, a P/E ratio of 18.87 and a beta of 1.73. The firm’s 50-day moving average is $47.28 and its 200-day moving average is $48.82. Western Alliance Bancorporation has a 12-month low of $33.28 and a 12-month high of $53.84.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, April 20th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Western Alliance Bancorporation had a return on equity of 14.90% and a net margin of 34.90%. The firm had revenue of $189.22 million for the quarter, compared to analysts’ expectations of $196.03 million. During the same period in the prior year, the firm posted $0.60 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts predict that Western Alliance Bancorporation will post $2.97 EPS for the current fiscal year.

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Several analysts recently issued reports on the stock. BidaskClub raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reduced their price target on shares of Western Alliance Bancorporation from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, May 22nd. Zacks Investment Research downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reissued a “buy” rating and issued a $57.00 price target on shares of Western Alliance Bancorporation in a research report on Monday, April 3rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $58.00 price target on shares of Western Alliance Bancorporation in a research report on Monday, April 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Western Alliance Bancorporation currently has an average rating of “Buy” and a consensus target price of $56.00.

Western Alliance Bancorporation Company Profile

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.

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

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