Jennison Associates LLC Invests $605,000 in Western Alliance Bancorporation (WAL) Stock
Jennison Associates LLC purchased a new position in Western Alliance Bancorporation (NYSE:WAL) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,679 shares of the financial services provider’s stock, valued at approximately $605,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WAL. BlackRock Inc. grew its holdings in Western Alliance Bancorporation by 18.0% in the first quarter. BlackRock Inc. now owns 5,361,669 shares of the financial services provider’s stock worth $311,565,000 after purchasing an additional 817,211 shares during the last quarter. Epoch Investment Partners Inc. grew its holdings in Western Alliance Bancorporation by 63.7% in the first quarter. Epoch Investment Partners Inc. now owns 1,182,705 shares of the financial services provider’s stock worth $68,726,000 after purchasing an additional 460,154 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Western Alliance Bancorporation by 275.6% in the second quarter. CIBC Private Wealth Group LLC now owns 545,964 shares of the financial services provider’s stock worth $30,908,000 after purchasing an additional 400,624 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Western Alliance Bancorporation by 46.7% in the first quarter. The Manufacturers Life Insurance Company now owns 999,696 shares of the financial services provider’s stock worth $58,093,000 after purchasing an additional 318,269 shares during the last quarter. Finally, Inverness Counsel LLC NY purchased a new position in Western Alliance Bancorporation in the first quarter worth $17,757,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have issued reports on WAL shares. Citigroup started coverage on shares of Western Alliance Bancorporation in a report on Monday, June 18th. They issued a “neutral” rating and a $69.00 price target on the stock. ValuEngine raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a report on Friday, April 27th. Wedbush assumed coverage on shares of Western Alliance Bancorporation in a report on Tuesday, July 10th. They issued an “outperform” rating and a $67.00 price target on the stock. Finally, Zacks Investment Research reiterated a “sell” rating on shares of Western Alliance Bancorporation in a research note on Saturday, June 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $67.65.
NYSE:WAL opened at $57.87 on Friday. Western Alliance Bancorporation has a 12 month low of $44.83 and a 12 month high of $64.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $5.99 billion, a PE ratio of 18.67, a P/E/G ratio of 1.08 and a beta of 1.56.
Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Western Alliance Bancorporation had a net margin of 38.48% and a return on equity of 16.68%. The business had revenue of $237.50 million during the quarter, compared to the consensus estimate of $242.86 million. During the same period in the previous year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. equities analysts predict that Western Alliance Bancorporation will post 4.04 EPS for the current year.
Western Alliance Bancorporation Profile
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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