Western Alliance Bancorporation (WAL) Stake Boosted by Ameriprise Financial Inc.

Ameriprise Financial Inc. lifted its stake in Western Alliance Bancorporation (NYSE:WAL) by 46.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 570,941 shares of the financial services provider’s stock after purchasing an additional 181,812 shares during the quarter. Ameriprise Financial Inc. owned 0.54% of Western Alliance Bancorporation worth $30,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth about $133,000. BNP Paribas Arbitrage SA raised its position in Western Alliance Bancorporation by 72.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,060 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Western Alliance Bancorporation by 15.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock worth $172,000 after buying an additional 469 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth about $212,000. Finally, Advisor Group Inc. raised its position in Western Alliance Bancorporation by 48.4% in the 3rd quarter. Advisor Group Inc. now owns 4,048 shares of the financial services provider’s stock worth $215,000 after buying an additional 1,320 shares during the last quarter. 81.82% of the stock is owned by institutional investors and hedge funds.

In other news, CEO Robert Gary Sarver sold 100,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $55.22, for a total transaction of $5,522,000.00. Following the completion of the sale, the chief executive officer now owns 54,000 shares of the company’s stock, valued at approximately $2,981,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Boyd sold 10,000 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $55.55, for a total transaction of $555,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 173,000 shares of company stock valued at $9,611,590 in the last ninety days. Insiders own 7.95% of the company’s stock.

A number of equities analysts have weighed in on the company. SunTrust Banks assumed coverage on Western Alliance Bancorporation in a research report on Friday, August 18th. They issued a “buy” rating and a $59.00 target price for the company. Zacks Investment Research lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Saturday, September 9th. DA Davidson reissued a “buy” rating and issued a $64.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, October 23rd. Barclays set a $65.00 target price on Western Alliance Bancorporation and gave the stock a “buy” rating in a research report on Monday, October 23rd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, September 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $62.06.

Western Alliance Bancorporation (WAL) traded down $0.78 during midday trading on Wednesday, hitting $58.14. 670,100 shares of the stock traded hands, compared to its average volume of 647,709. Western Alliance Bancorporation has a 12-month low of $44.64 and a 12-month high of $60.25. The stock has a market cap of $6,215.48, a price-to-earnings ratio of 19.97, a P/E/G ratio of 1.69 and a beta of 1.76. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.17.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The firm had revenue of $211.50 million during the quarter, compared to analyst estimates of $212.27 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. analysts forecast that Western Alliance Bancorporation will post 3.07 EPS for the current fiscal year.

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Western Alliance Bancorporation 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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