BNP Paribas Arbitrage SA boosted its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 115.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,079 shares of the financial services provider’s stock after purchasing an additional 31,595 shares during the period. BNP Paribas Arbitrage SA owned 0.06% of Western Alliance Bancorporation worth $5,485,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WAL. Price T Rowe Associates Inc. MD boosted its position in Western Alliance Bancorporation by 55.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,474,625 shares of the financial services provider’s stock valued at $1,083,664,000 after purchasing an additional 4,074,096 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Western Alliance Bancorporation by 212.3% during the first quarter. Lord Abbett & CO. LLC now owns 3,383,742 shares of the financial services provider’s stock valued at $319,562,000 after purchasing an additional 2,300,102 shares during the last quarter. Capital International Investors boosted its position in Western Alliance Bancorporation by 96.7% during the first quarter. Capital International Investors now owns 4,143,752 shares of the financial services provider’s stock valued at $391,336,000 after purchasing an additional 2,037,649 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Western Alliance Bancorporation by 5,952.7% during the first quarter. CIBC Private Wealth Group LLC now owns 816,939 shares of the financial services provider’s stock valued at $77,152,000 after purchasing an additional 803,442 shares during the last quarter. Finally, Westwood Holdings Group Inc. boosted its position in Western Alliance Bancorporation by 927.1% during the first quarter. Westwood Holdings Group Inc. now owns 771,325 shares of the financial services provider’s stock valued at $72,844,000 after purchasing an additional 696,230 shares during the last quarter. 85.80% of the stock is owned by hedge funds and other institutional investors.
Western Alliance Bancorporation stock opened at $97.08 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.79 and a current ratio of 0.90. The business’s 50-day simple moving average is $96.67 and its 200-day simple moving average is $97.59. The firm has a market capitalization of $10.12 billion, a PE ratio of 13.19 and a beta of 1.69. Western Alliance Bancorporation has a 52 week low of $30.34 and a 52 week high of $109.84.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.44%. Western Alliance Bancorporation’s payout ratio is presently 27.78%.
Several research firms have weighed in on WAL. TheStreet lowered Western Alliance Bancorporation from a “b” rating to a “c+” rating in a report on Monday, August 30th. Zacks Investment Research lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Thursday, September 16th. Finally, Royal Bank of Canada raised their target price on Western Alliance Bancorporation from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 19th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $95.15.
In other news, Director Steven J. Hilton purchased 40,000 shares of the stock in a transaction that occurred on Wednesday, September 15th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director now directly owns 3,074 shares of the company’s stock, valued at approximately $76,850. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert P. Latta sold 2,350 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $99.76, for a total value of $234,436.00. Following the sale, the director now directly owns 3,074 shares in the company, valued at $306,662.24. The disclosure for this sale can be found here. Insiders own 2.81% of the company’s stock.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial; Consumer Related, and Corporate and Other. The Commercial segment focuses in delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
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