Virginia Retirement Systems ET AL Takes Position in Western Alliance Bancorporation (WAL)

Virginia Retirement Systems ET AL purchased a new stake in Western Alliance Bancorporation (NYSE:WAL) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,500 shares of the financial services provider’s stock, valued at approximately $996,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Meeder Asset Management Inc. lifted its holdings in Western Alliance Bancorporation by 18.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 5,816 shares of the financial services provider’s stock worth $329,000 after buying an additional 915 shares during the last quarter. Ramsey Quantitative Systems lifted its holdings in Western Alliance Bancorporation by 18.2% during the 3rd quarter. Ramsey Quantitative Systems now owns 6,100 shares of the financial services provider’s stock worth $347,000 after buying an additional 941 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Western Alliance Bancorporation by 4.1% during the 2nd quarter. Advisors Asset Management Inc. now owns 24,283 shares of the financial services provider’s stock worth $1,375,000 after buying an additional 955 shares during the last quarter. Tdam USA Inc. lifted its holdings in Western Alliance Bancorporation by 3.3% during the 3rd quarter. Tdam USA Inc. now owns 35,870 shares of the financial services provider’s stock worth $2,041,000 after buying an additional 1,131 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Western Alliance Bancorporation by 1.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 78,926 shares of the financial services provider’s stock worth $4,490,000 after buying an additional 1,167 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have commented on WAL shares. Citigroup reduced their target price on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating on the stock in a report on Monday, October 22nd. Barclays reduced their target price on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, October 22nd. Zacks Investment Research raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, October 13th. Stephens reaffirmed a “buy” rating and set a $68.00 target price on shares of Western Alliance Bancorporation in a report on Friday, October 19th. Finally, Royal Bank of Canada reduced their target price on Western Alliance Bancorporation to $61.00 and set an “outperform” rating on the stock in a report on Monday, October 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $64.80.

In related news, Director Michael Patriarca purchased 2,140 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The shares were acquired at an average price of $46.78 per share, with a total value of $100,109.20. Following the acquisition, the director now owns 8,875 shares in the company, valued at approximately $415,172.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 7.48% of the company’s stock.

Shares of NYSE WAL opened at $47.31 on Friday. The company has a market capitalization of $5.09 billion, a P/E ratio of 15.26, a P/E/G ratio of 0.98 and a beta of 1.52. Western Alliance Bancorporation has a 12-month low of $45.53 and a 12-month high of $64.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.91.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $238.46 million for the quarter, compared to the consensus estimate of $247.04 million. Western Alliance Bancorporation had a return on equity of 17.27% and a net margin of 39.69%. During the same quarter last year, the business posted $0.79 EPS. On average, research analysts forecast that Western Alliance Bancorporation will post 4.07 earnings per share for the current year.

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About Western Alliance Bancorporation

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

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