Insider Selling: Western Alliance Bancorp (WAL) Insider Sells $380,000.00 in Stock
Western Alliance Bancorp (NYSE:WAL) insider Duane Ralph Froeschle sold 10,000 shares of Western Alliance Bancorp stock in a transaction on Monday, November 7th. The stock was sold at an average price of $38.00, for a total value of $380,000.00. Following the sale, the insider now owns 11,050 shares of the company’s stock, valued at $419,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Western Alliance Bancorp (NYSE:WAL) opened at 43.62 on Monday. Western Alliance Bancorp has a 1-year low of $26.60 and a 1-year high of $43.70. The firm has a 50-day moving average price of $38.02 and a 200 day moving average price of $36.01. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 18.07 and a beta of 1.62.
Western Alliance Bancorp (NYSE:WAL) last issued its earnings results on Monday, October 24th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Western Alliance Bancorp had a return on equity of 14.64% and a net margin of 35.19%. During the same period in the previous year, the company posted $0.53 earnings per share. On average, equities research analysts anticipate that Western Alliance Bancorp will post $2.50 EPS for the current fiscal year.
Several analysts recently weighed in on WAL shares. Zacks Investment Research upgraded Western Alliance Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Wells Fargo & Co. started coverage on Western Alliance Bancorp in a report on Thursday, September 1st. They issued a “market perform” rating for the company. Jefferies Group restated a “buy” rating and issued a $42.00 price objective on shares of Western Alliance Bancorp in a report on Tuesday, September 13th. Royal Bank Of Canada lifted their price objective on Western Alliance Bancorp from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday. Finally, RBC Capital Markets restated an “outperform” rating and issued a $46.00 price objective (up from $42.00) on shares of Western Alliance Bancorp in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Western Alliance Bancorp presently has an average rating of “Buy” and an average price target of $42.42.
Several institutional investors have recently added to or reduced their stakes in WAL. Vanguard Group Inc. boosted its position in Western Alliance Bancorp by 1.2% in the second quarter. Vanguard Group Inc. now owns 6,485,601 shares of the financial services provider’s stock worth $211,755,000 after buying an additional 76,472 shares in the last quarter. Victory Capital Management Inc. boosted its position in Western Alliance Bancorp by 54.4% in the third quarter. Victory Capital Management Inc. now owns 4,158,272 shares of the financial services provider’s stock worth $156,102,000 after buying an additional 1,465,073 shares in the last quarter. State Street Corp boosted its position in Western Alliance Bancorp by 3.0% in the first quarter. State Street Corp now owns 3,448,362 shares of the financial services provider’s stock worth $115,105,000 after buying an additional 99,325 shares in the last quarter. Wellington Management Group LLP boosted its position in Western Alliance Bancorp by 283.0% in the first quarter. Wellington Management Group LLP now owns 3,038,715 shares of the financial services provider’s stock worth $101,432,000 after buying an additional 2,245,217 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Western Alliance Bancorp by 39.8% in the second quarter. Lord Abbett & CO. LLC now owns 3,027,841 shares of the financial services provider’s stock worth $98,859,000 after buying an additional 861,446 shares in the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.
About Western Alliance Bancorp
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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