Western Alliance Bancorporation (WAL) Stake Lowered by Cortina Asset Management LLC
Cortina Asset Management LLC trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 18.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,003 shares of the financial services provider’s stock after selling 21,677 shares during the period. Cortina Asset Management LLC owned about 0.09% of Western Alliance Bancorporation worth $5,605,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Palisade Capital Management LLC NJ raised its stake in shares of Western Alliance Bancorporation by 9.0% during the 1st quarter. Palisade Capital Management LLC NJ now owns 552,238 shares of the financial services provider’s stock worth $32,091,000 after purchasing an additional 45,519 shares during the period. Swiss National Bank increased its holdings in Western Alliance Bancorporation by 2.2% in the 1st quarter. Swiss National Bank now owns 174,600 shares of the financial services provider’s stock worth $10,146,000 after acquiring an additional 3,800 shares during the last quarter. People s United Financial Inc. increased its holdings in Western Alliance Bancorporation by 24.6% in the 2nd quarter. People s United Financial Inc. now owns 7,431 shares of the financial services provider’s stock worth $421,000 after acquiring an additional 1,468 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Western Alliance Bancorporation in the 1st quarter worth about $444,000. Finally, Barings LLC increased its holdings in Western Alliance Bancorporation by 86.0% in the 1st quarter. Barings LLC now owns 10,600 shares of the financial services provider’s stock worth $616,000 after acquiring an additional 4,900 shares during the last quarter. Institutional investors own 82.92% of the company’s stock.
In other Western Alliance Bancorporation news, Vice Chairman Dale Gibbons acquired 2,093 shares of the business’s stock in a transaction dated Friday, July 27th. The stock was bought at an average price of $56.88 per share, with a total value of $119,049.84. Following the completion of the acquisition, the insider now owns 185,308 shares of the company’s stock, valued at $10,540,319.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Reoch Mcauslan sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 6th. The stock was sold at an average price of $62.26, for a total value of $186,780.00. The disclosure for this sale can be found here. Insiders have sold a total of 13,852 shares of company stock valued at $841,181 in the last ninety days. Insiders own 7.48% of the company’s stock.
Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.01. The business had revenue of $237.50 million during the quarter, compared to analyst estimates of $242.86 million. Western Alliance Bancorporation had a return on equity of 16.68% and a net margin of 38.48%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 EPS. sell-side analysts expect that Western Alliance Bancorporation will post 4.05 EPS for the current fiscal year.
WAL has been the subject of several recent research reports. ValuEngine lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Monday, June 11th. Citigroup initiated coverage on Western Alliance Bancorporation in a report on Monday, June 18th. They issued a “neutral” rating and a $69.00 price objective for the company. Wedbush initiated coverage on Western Alliance Bancorporation in a report on Tuesday, July 10th. They issued an “outperform” rating and a $67.00 price objective for the company. Finally, Zacks Investment Research reissued a “sell” rating on shares of Western Alliance Bancorporation in a report on Saturday, June 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $67.65.
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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