Western Alliance Bancorporation (NYSE:WAL) Position Raised by Comerica Bank

Comerica Bank boosted its position in Western Alliance Bancorporation (NYSE:WAL) by 7.3% during the 1st quarter, Holdings Channel reports. The firm owned 5,902 shares of the financial services provider’s stock after purchasing an additional 403 shares during the period. Comerica Bank’s holdings in Western Alliance Bancorporation were worth $256,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. raised its stake in Western Alliance Bancorporation by 1.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 32,932 shares of the financial services provider’s stock valued at $1,352,000 after purchasing an additional 505 shares during the period. Private Capital Group LLC boosted its holdings in Western Alliance Bancorporation by 69.6% during the 1st quarter. Private Capital Group LLC now owns 1,611 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 661 shares during the period. Banco Santander S.A. boosted its holdings in Western Alliance Bancorporation by 4.9% during the 4th quarter. Banco Santander S.A. now owns 14,604 shares of the financial services provider’s stock valued at $577,000 after acquiring an additional 679 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in shares of Western Alliance Bancorporation by 0.9% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 79,626 shares of the financial services provider’s stock worth $3,144,000 after buying an additional 700 shares during the period. Finally, Advisor Group Inc. lifted its holdings in shares of Western Alliance Bancorporation by 3.8% in the 4th quarter. Advisor Group Inc. now owns 19,610 shares of the financial services provider’s stock worth $775,000 after buying an additional 725 shares during the period. 83.02% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Robert Reoch Mcauslan sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $44.97, for a total value of $89,940.00. Following the sale, the executive vice president now owns 15,611 shares of the company’s stock, valued at approximately $702,026.67. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert Gary Sarver sold 66,351 shares of the business’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $46.71, for a total value of $3,099,255.21. Following the completion of the transaction, the insider now owns 59,504 shares of the company’s stock, valued at $2,779,431.84. The disclosure for this sale can be found here. 7.72% of the stock is currently owned by insiders.

Several research analysts have recently commented on the company. Zacks Investment Research raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Wednesday, June 5th. ValuEngine upgraded Western Alliance Bancorporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Co upped their target price on Western Alliance Bancorporation from $53.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $59.13.

Shares of NYSE WAL opened at $43.69 on Wednesday. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.81 and a beta of 1.62. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. Western Alliance Bancorporation has a 1 year low of $37.39 and a 1 year high of $63.39.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Monday, April 22nd. The financial services provider reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.06. The business had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $266.48 million. Western Alliance Bancorporation had a return on equity of 17.84% and a net margin of 40.08%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. On average, equities research analysts expect that Western Alliance Bancorporation will post 4.75 EPS for the current fiscal year.

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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.

Read More: Leveraged Buyout (LBO) Explained

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

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