Pitcairn Co. Sells 9,274 Shares of Western Alliance Bancorporation (NYSE:WAL)

Pitcairn Co. lowered its stake in Western Alliance Bancorporation (NYSE:WAL) by 62.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,695 shares of the financial services provider’s stock after selling 9,274 shares during the quarter. Pitcairn Co.’s holdings in Western Alliance Bancorporation were worth $216,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Western Alliance Bancorporation by 20.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,049,582 shares of the financial services provider’s stock valued at $93,346,000 after acquiring an additional 517,948 shares in the last quarter. Victory Capital Management Inc. increased its stake in Western Alliance Bancorporation by 13.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,484,312 shares of the financial services provider’s stock valued at $76,044,000 after purchasing an additional 303,975 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Western Alliance Bancorporation by 64.8% during the 1st quarter. Nuveen Asset Management LLC now owns 2,130,726 shares of the financial services provider’s stock valued at $65,222,000 after purchasing an additional 837,825 shares in the last quarter. Macquarie Group Ltd. increased its stake in Western Alliance Bancorporation by 9.4% during the 4th quarter. Macquarie Group Ltd. now owns 2,121,795 shares of the financial services provider’s stock valued at $120,943,000 after purchasing an additional 181,730 shares in the last quarter. Finally, Davis Capital Partners LLC increased its stake in Western Alliance Bancorporation by 12.0% during the 1st quarter. Davis Capital Partners LLC now owns 2,100,000 shares of the financial services provider’s stock valued at $64,281,000 after purchasing an additional 225,000 shares in the last quarter. Institutional investors own 82.89% of the company’s stock.

WAL opened at $35.95 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 8.46 and a beta of 1.84. The firm’s fifty day moving average price is $36.88 and its two-hundred day moving average price is $40.10. Western Alliance Bancorporation has a 1 year low of $20.90 and a 1 year high of $58.94.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.24. The company had revenue of $319.67 million for the quarter, compared to the consensus estimate of $305.38 million. Western Alliance Bancorporation had a net margin of 32.82% and a return on equity of 14.52%. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 3.58 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 20.66%.

A number of analysts have commented on WAL shares. DA Davidson boosted their price target on shares of Western Alliance Bancorporation from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, May 22nd. SunTrust Banks decreased their price target on shares of Western Alliance Bancorporation from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. ValuEngine upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Thursday, April 30th. Finally, Citigroup downgraded shares of Western Alliance Bancorporation from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $41.00 to $44.00 in a report on Wednesday, June 17th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $45.22.

Western Alliance Bancorporation 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.

Featured Story: What is the strike price in options trading?

Want to see what other hedge funds are holding WAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Alliance Bancorporation (NYSE:WAL).

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

Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.