Morgan Stanley decreased its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 14.7% during the first quarter, Holdings Channel reports. The fund owned 83,037 shares of the financial services provider’s stock after selling 14,328 shares during the period. Morgan Stanley’s holdings in Western Alliance Bancorporation were worth $4,076,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Western Alliance Bancorporation by 9.8% in the first quarter. Wellington Management Group LLP now owns 4,813,169 shares of the financial services provider’s stock valued at $236,279,000 after buying an additional 429,488 shares during the period. JPMorgan Chase & Co. raised its position in Western Alliance Bancorporation by 18.3% in the first quarter. JPMorgan Chase & Co. now owns 2,104,213 shares of the financial services provider’s stock valued at $103,296,000 after buying an additional 325,128 shares during the period. Vanguard Group Inc. raised its position in Western Alliance Bancorporation by 4.4% in the first quarter. Vanguard Group Inc. now owns 7,250,046 shares of the financial services provider’s stock valued at $355,905,000 after buying an additional 303,860 shares during the period. MARSHALL WACE ASIA Ltd acquired a new position in Western Alliance Bancorporation during the first quarter valued at $14,036,000. Finally, Marshall Wace North America L.P. acquired a new position in Western Alliance Bancorporation during the first quarter valued at $14,036,000. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Western Alliance Bancorporation (WAL) traded up 2.19% on Monday, hitting $48.63. 34,247 shares of the company’s stock traded hands. Western Alliance Bancorporation has a 1-year low of $34.78 and a 1-year high of $53.84. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 17.56 and a beta of 1.73. The firm’s 50-day moving average price is $49.54 and its 200 day moving average price is $49.03.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.03. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. The business had revenue of $203.19 million during the quarter, compared to analyst estimates of $203.71 million. During the same period in the previous year, the firm earned $0.62 EPS. On average, equities research analysts expect that Western Alliance Bancorporation will post $3.04 earnings per share for the current year.

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WAL has been the subject of several research reports. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Wednesday, April 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a report on Friday, May 5th. BidaskClub cut shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Keefe, Bruyette & Woods set a $58.00 target price on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, June 26th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $59.00 target price (up from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $57.20.

In related news, Chairman Robert Gary Sarver sold 65,448 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $50.39, for a total value of $3,297,924.72. Following the completion of the transaction, the chairman now directly owns 54,000 shares in the company, valued at approximately $2,721,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.95% of the stock is currently owned by insiders.

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

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