PNC Financial Services Group Inc. Reduces Position in Western Alliance Bancorporation (WAL)

PNC Financial Services Group Inc. cut its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 4.3% during the first quarter, Holdings Channel reports. The fund owned 4,678 shares of the financial services provider’s stock after selling 208 shares during the period. PNC Financial Services Group Inc.’s holdings in Western Alliance Bancorporation were worth $230,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the stock. Renaissance Technologies LLC acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $1,525,000. GSA Capital Partners LLP acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $395,000. Guggenheim Capital LLC boosted its stake in shares of Western Alliance Bancorporation by 52.8% in the fourth quarter. Guggenheim Capital LLC now owns 20,666 shares of the financial services provider’s stock worth $1,007,000 after buying an additional 7,141 shares during the last quarter. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $34,959,000. Finally, Parametrica Management Ltd acquired a new stake in shares of Western Alliance Bancorporation during the first quarter worth approximately $200,000. 84.24% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation (NYSE WAL) opened at 48.79 on Thursday. The stock’s 50 day moving average is $48.50 and its 200-day moving average is $48.87. Western Alliance Bancorporation has a 52 week low of $33.28 and a 52 week high of $53.84. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 18.77 and a beta of 1.74.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.01. The firm had revenue of $189.22 million for the quarter, compared to the consensus estimate of $196.03 million. Western Alliance Bancorporation had a net margin of 34.90% and a return on equity of 14.90%. Western Alliance Bancorporation’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. On average, equities research analysts expect that Western Alliance Bancorporation will post $2.97 EPS for the current year.

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WAL has been the subject of a number of research reports. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $57.00 target price on shares of Western Alliance Bancorporation in a report on Monday, April 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a report on Tuesday, April 4th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Tuesday, April 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a report on Monday, April 10th. Finally, BidaskClub cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $56.00.

About Western Alliance Bancorporation

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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