GW&K Investment Management LLC Raises Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

GW&K Investment Management LLC boosted its holdings in Western Alliance Bancorporation (NYSE:WAL) by 30.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 829,783 shares of the financial services provider’s stock after acquiring an additional 195,665 shares during the period. GW&K Investment Management LLC’s holdings in Western Alliance Bancorporation were worth $38,236,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of WAL. Price T Rowe Associates Inc. MD grew its stake in shares of Western Alliance Bancorporation by 4.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,702,713 shares of the financial services provider’s stock valued at $344,465,000 after purchasing an additional 296,647 shares during the period. BlackRock Inc. grew its stake in shares of Western Alliance Bancorporation by 6.9% during the 2nd quarter. BlackRock Inc. now owns 5,209,279 shares of the financial services provider’s stock valued at $232,958,000 after purchasing an additional 334,241 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Western Alliance Bancorporation by 10.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,240,385 shares of the financial services provider’s stock valued at $99,495,000 after purchasing an additional 204,893 shares during the period. Macquarie Group Ltd. grew its stake in shares of Western Alliance Bancorporation by 686.7% during the 2nd quarter. Macquarie Group Ltd. now owns 1,815,851 shares of the financial services provider’s stock valued at $81,205,000 after purchasing an additional 1,585,020 shares during the period. Finally, Davis Capital Partners LLC grew its stake in shares of Western Alliance Bancorporation by 13.3% during the 2nd quarter. Davis Capital Partners LLC now owns 1,700,000 shares of the financial services provider’s stock valued at $76,024,000 after purchasing an additional 200,000 shares during the period. 83.91% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:WAL traded down $0.10 during mid-day trading on Friday, reaching $52.57. 678,279 shares of the company traded hands, compared to its average volume of 820,324. The company’s 50 day moving average price is $47.25 and its 200-day moving average price is $45.51. The firm has a market cap of $5.31 billion, a PE ratio of 12.70, a PEG ratio of 0.72 and a beta of 1.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 0.93. Western Alliance Bancorporation has a 52 week low of $37.39 and a 52 week high of $53.60.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.05. The company had revenue of $288.90 million during the quarter, compared to the consensus estimate of $281.83 million. Western Alliance Bancorporation had a return on equity of 17.65% and a net margin of 39.08%. The firm’s revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 EPS. On average, research analysts predict that Western Alliance Bancorporation will post 4.78 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 24.15%.

In related news, Director Todd Marshall sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $50.18, for a total transaction of $1,003,600.00. Following the completion of the transaction, the director now directly owns 27,096 shares in the company, valued at approximately $1,359,677.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 50,000 shares of company stock valued at $2,523,400. 7.72% of the stock is currently owned by corporate insiders.

WAL has been the subject of a number of recent research reports. Zacks Investment Research upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 26th. SunTrust Banks cut their price target on Western Alliance Bancorporation from $57.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Wedbush restated an “outperform” rating on shares of Western Alliance Bancorporation in a research note on Tuesday, July 16th. Stephens set a $55.00 price target on Western Alliance Bancorporation and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Piper Jaffray Companies set a $62.00 price target on Western Alliance Bancorporation and gave the company a “buy” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $55.83.

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

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