MML Investors Services LLC Acquires New Holdings in Western Alliance Bancorporation (WAL)

MML Investors Services LLC acquired a new stake in Western Alliance Bancorporation (NYSE:WAL) in the third quarter, HoldingsChannel reports. The institutional investor acquired 6,386 shares of the financial services provider’s stock, valued at approximately $363,000.

Several other institutional investors have also made changes to their positions in the business. Millennium Management LLC increased its holdings in shares of Western Alliance Bancorporation by 5.9% in the second quarter. Millennium Management LLC now owns 2,599,584 shares of the financial services provider’s stock worth $147,162,000 after acquiring an additional 144,811 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Western Alliance Bancorporation by 5.5% in the third quarter. JPMorgan Chase & Co. now owns 1,832,108 shares of the financial services provider’s stock worth $104,229,000 after acquiring an additional 95,626 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in shares of Western Alliance Bancorporation by 5.6% in the second quarter. Epoch Investment Partners Inc. now owns 1,248,569 shares of the financial services provider’s stock worth $70,681,000 after acquiring an additional 65,864 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Western Alliance Bancorporation by 15.6% in the second quarter. Eagle Asset Management Inc. now owns 1,017,747 shares of the financial services provider’s stock worth $57,614,000 after acquiring an additional 137,047 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of Western Alliance Bancorporation by 3.6% in the second quarter. Glenmede Trust Co. NA now owns 900,681 shares of the financial services provider’s stock worth $50,987,000 after acquiring an additional 31,043 shares in the last quarter. Institutional investors own 84.80% of the company’s stock.

In related news, Director Michael Patriarca purchased 2,140 shares of Western Alliance Bancorporation stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average cost of $46.78 per share, with a total value of $100,109.20. Following the completion of the transaction, the director now owns 8,875 shares of the company’s stock, valued at approximately $415,172.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.48% of the company’s stock.

Shares of NYSE WAL opened at $41.29 on Friday. Western Alliance Bancorporation has a 52 week low of $40.71 and a 52 week high of $64.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.59 billion, a P/E ratio of 13.32, a P/E/G ratio of 0.94 and a beta of 1.49.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. Western Alliance Bancorporation had a return on equity of 17.27% and a net margin of 39.69%. The firm had revenue of $238.46 million during the quarter, compared to analysts’ expectations of $247.04 million. During the same period in the prior year, the firm posted $0.79 earnings per share. As a group, equities research analysts anticipate that Western Alliance Bancorporation will post 4.09 EPS for the current year.

A number of research analysts recently issued reports on WAL shares. ValuEngine downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Zacks Investment Research upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, October 13th. SunTrust Banks decreased their price objective on Western Alliance Bancorporation to $63.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. Royal Bank of Canada decreased their price objective on Western Alliance Bancorporation to $61.00 and set an “outperform” rating for the company in a report on Monday, October 22nd. Finally, Citigroup decreased their price objective on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, October 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $64.80.

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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.

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

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