Karp Capital Management Corp purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL) during the first quarter, according to its most recent disclosure with the SEC. The fund purchased 14,563 shares of the financial services provider’s stock, valued at approximately $715,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Solaris Asset Management LLC increased its position in shares of Western Alliance Bancorporation by 1.3% in the first quarter. Solaris Asset Management LLC now owns 4,000 shares of the financial services provider’s stock worth $196,000 after buying an additional 50 shares in the last quarter. IFP Advisors Inc increased its position in shares of Western Alliance Bancorporation by 2.4% in the first quarter. IFP Advisors Inc now owns 21,639 shares of the financial services provider’s stock worth $1,062,000 after buying an additional 504 shares in the last quarter. Intrust Bank NA increased its position in shares of Western Alliance Bancorporation by 7.7% in the first quarter. Intrust Bank NA now owns 7,936 shares of the financial services provider’s stock worth $389,000 after buying an additional 564 shares in the last quarter. Swiss National Bank increased its position in shares of Western Alliance Bancorporation by 0.6% in the first quarter. Swiss National Bank now owns 156,400 shares of the financial services provider’s stock worth $7,678,000 after buying an additional 900 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Western Alliance Bancorporation by 8.4% in the first quarter. ProShare Advisors LLC now owns 16,468 shares of the financial services provider’s stock worth $808,000 after buying an additional 1,276 shares in the last quarter. 84.24% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) opened at 49.29 on Friday. The firm’s 50-day moving average price is $47.32 and its 200-day moving average price is $48.81. The company has a market cap of $5.13 billion, a P/E ratio of 18.96 and a beta of 1.74. Western Alliance Bancorporation has a 12-month low of $29.72 and a 12-month high of $53.84.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Western Alliance Bancorporation had a return on equity of 14.90% and a net margin of 34.90%. The firm had revenue of $189.22 million for the quarter, compared to analyst estimates of $196.03 million. During the same period in the previous year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts expect that Western Alliance Bancorporation will post $2.97 EPS for the current year.

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A number of research analysts recently commented on the company. Jefferies Group LLC reduced their price target on Western Alliance Bancorporation from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, May 22nd. Royal Bank Of Canada reissued a “buy” rating and issued a $57.00 price target on shares of Western Alliance Bancorporation in a report on Monday, April 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $58.00 price target on shares of Western Alliance Bancorporation in a report on Monday, April 10th. Finally, Zacks Investment Research downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Thursday, April 6th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $56.00.

Western Alliance Bancorporation Company Profile

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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