Hennessy Advisors Inc. reduced its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,500 shares of the financial services provider’s stock after selling 7,500 shares during the period. Hennessy Advisors Inc.’s holdings in Western Alliance Bancorporation were worth $308,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of WAL. Neuberger Berman Group LLC boosted its position in shares of Western Alliance Bancorporation by 49.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 7,203 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 2,389 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Western Alliance Bancorporation during the 4th quarter worth about $258,000. Handelsbanken Fonder AB boosted its position in shares of Western Alliance Bancorporation by 32.3% during the 4th quarter. Handelsbanken Fonder AB now owns 753,842 shares of the financial services provider’s stock worth $29,769,000 after purchasing an additional 183,842 shares in the last quarter. Xact Kapitalforvaltning AB boosted its position in shares of Western Alliance Bancorporation by 33.7% during the 4th quarter. Xact Kapitalforvaltning AB now owns 17,860 shares of the financial services provider’s stock worth $705,000 after purchasing an additional 4,500 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Western Alliance Bancorporation by 3.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,194,381 shares of the financial services provider’s stock worth $47,167,000 after purchasing an additional 42,204 shares in the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Western Alliance Bancorporation stock opened at $43.32 on Thursday. Western Alliance Bancorporation has a 52 week low of $37.39 and a 52 week high of $64.06. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 0.82 and a beta of 1.52.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, January 24th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Western Alliance Bancorporation had a net margin of 40.48% and a return on equity of 17.81%. The firm had revenue of $281.97 million for the quarter, compared to analysts’ expectations of $262.36 million. During the same quarter last year, the firm earned $0.85 EPS. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 4.63 earnings per share for the current fiscal year.

In other Western Alliance Bancorporation news, EVP Randall S. Theisen sold 2,370 shares of Western Alliance Bancorporation stock in a transaction that occurred on Tuesday, January 29th. The shares were sold at an average price of $46.09, for a total transaction of $109,233.30. Following the transaction, the executive vice president now owns 9,179 shares of the company’s stock, valued at approximately $423,060.11. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce D. Beach sold 3,750 shares of Western Alliance Bancorporation stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $46.55, for a total transaction of $174,562.50. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $232,750. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,478 shares of company stock worth $667,285. Insiders own 7.48% of the company’s stock.

WAL has been the topic of several recent research reports. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Wednesday, March 6th. Stephens reaffirmed a “buy” rating and issued a $60.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, December 12th. Citigroup raised shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and dropped their price target for the company from $56.00 to $53.00 in a research report on Tuesday, January 15th. Finally, TheStreet cut shares of Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a research report on Monday, December 24th. Two equities research analysts have rated the stock with a sell rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $61.67.

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

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