Highbridge Capital Management LLC Has $10.80 Million Position in Western Alliance Bancorporation (WAL)
Highbridge Capital Management LLC increased its holdings in Western Alliance Bancorporation (NYSE:WAL) by 97.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 203,370 shares of the financial services provider’s stock after purchasing an additional 100,123 shares during the quarter. Highbridge Capital Management LLC owned 0.19% of Western Alliance Bancorporation worth $10,795,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of WAL. 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 purchasing an additional 1,060 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Western Alliance Bancorporation in the third quarter valued at about $133,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Western Alliance Bancorporation by 15.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock valued at $172,000 after acquiring an additional 469 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Western Alliance Bancorporation in the second quarter valued at about $202,000. Finally, Dearborn Partners LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter valued at about $205,000. Institutional investors own 81.82% of the company’s stock.
In related news, Director William S. Boyd sold 10,000 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Marianne Boyd Johnson sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.42, for a total transaction of $217,680.00. Following the transaction, the director now owns 3,295 shares in the company, valued at approximately $179,313.90. The disclosure for this sale can be found here. Insiders have sold 173,000 shares of company stock worth $9,611,590 in the last quarter. 7.95% of the stock is owned by corporate insiders.
Shares of Western Alliance Bancorporation (NYSE:WAL) traded up $0.27 during midday trading on Monday, hitting $58.97. 690,500 shares of the company traded hands, compared to its average volume of 645,996. Western Alliance Bancorporation has a one year low of $44.64 and a one year high of $60.25. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $6,150.00, a PE ratio of 19.99, a P/E/G ratio of 1.69 and a beta of 1.76.
Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $212.27 million. During the same quarter in the previous year, the company earned $0.66 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 15.4% on a year-over-year basis. equities analysts anticipate that Western Alliance Bancorporation will post 3.07 EPS for the current year.
WAL has been the topic of a number of analyst reports. SunTrust Banks boosted their price objective on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research report on Tuesday, September 12th. Jefferies Group restated a “buy” rating and issued a $63.00 price objective on shares of Western Alliance Bancorporation in a research report on Thursday, October 12th. Barclays set a $62.00 price objective on shares of Western Alliance Bancorporation and gave the company a “buy” rating in a research report on Wednesday, October 11th. Finally, BidaskClub cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $62.06.
About Western Alliance Bancorporation
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.
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