Van ECK Associates Corp Purchases 812 Shares of Western Alliance Bancorporation (NYSE:WAL)

Van ECK Associates Corp grew its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 145.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,369 shares of the financial services provider’s stock after purchasing an additional 812 shares during the period. Van ECK Associates Corp’s holdings in Western Alliance Bancorporation were worth $127,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of WAL. Cypress Capital Management LLC WY bought a new stake in Western Alliance Bancorporation during the second quarter worth about $38,000. Harvest Fund Management Co. Ltd bought a new stake in Western Alliance Bancorporation during the first quarter worth about $52,000. Rockefeller Capital Management L.P. lifted its stake in Western Alliance Bancorporation by 124.8% during the first quarter. Rockefeller Capital Management L.P. now owns 571 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 317 shares during the last quarter. Wolverine Asset Management LLC bought a new stake in Western Alliance Bancorporation during the first quarter worth about $135,000. Finally, Acadian Asset Management LLC lifted its stake in Western Alliance Bancorporation by 80.2% during the first quarter. Acadian Asset Management LLC now owns 1,494 shares of the financial services provider’s stock worth $141,000 after purchasing an additional 665 shares during the last quarter. 85.80% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:WAL opened at $103.07 on Friday. Western Alliance Bancorporation has a 1 year low of $30.34 and a 1 year high of $109.84. The company has a market cap of $10.74 billion, a PE ratio of 14.00 and a beta of 1.69. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.79. The stock’s 50-day moving average is $96.93 and its 200 day moving average is $97.66.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.15. Western Alliance Bancorporation had a return on equity of 21.08% and a net margin of 47.52%. The company had revenue of $506.50 million for the quarter, compared to the consensus estimate of $494.56 million. During the same quarter in the previous year, the business earned $0.93 EPS. Analysts expect that Western Alliance Bancorporation will post 8.63 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were issued a dividend of $0.35 per share. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.36%. Western Alliance Bancorporation’s dividend payout ratio is 27.78%.

In other news, Chairman Robert Gary Sarver bought 200,000 shares of Western Alliance Bancorporation stock in a transaction on Wednesday, September 15th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the chairman now owns 48,044 shares of the company’s stock, valued at $1,201,100. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert P. Latta sold 2,350 shares of the business’s stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $99.76, for a total value of $234,436.00. Following the completion of the sale, the director now directly owns 3,074 shares in the company, valued at $306,662.24. The disclosure for this sale can be found here. 2.81% of the stock is currently owned by corporate insiders.

Several research analysts have recently commented on the company. TheStreet downgraded Western Alliance Bancorporation from a “b” rating to a “c+” rating in a report on Monday, August 30th. Zacks Investment Research downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Thursday, September 16th. Finally, Royal Bank of Canada lifted their price objective on Western Alliance Bancorporation from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 19th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $95.15.

About Western Alliance Bancorporation

Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial; Consumer Related, and Corporate and Other. The Commercial segment focuses in delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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

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