Trading Report: The Pinnacle Financial Partners Inc. Acquires 5,970 Shares of Western Alliance Bancorp (WAL)

The Pinnacle Financial Partners Inc. Acquires 5,970  Shares of Western Alliance Bancorp (WAL)

Pinnacle Financial Partners Inc. acquired a new stake in shares of Western Alliance Bancorp (NYSE:WAL) during the second quarter, Holdings Channel reports. The firm acquired 5,970 shares of the financial services provider’s stock, valued at approximately $207,000.

A number of other institutional investors have also recently made changes to their positions in WAL. Loomis Sayles & Co. L P raised its position in shares of Western Alliance Bancorp by 0.9% in the first quarter. Loomis Sayles & Co. L P now owns 62,607 shares of the financial services provider’s stock valued at $2,090,000 after buying an additional 535 shares in the last quarter. Foundry Partners LLC raised its position in Western Alliance Bancorp by 8.4% in the second quarter. Foundry Partners LLC now owns 7,125 shares of the financial services provider’s stock valued at $233,000 after buying an additional 550 shares in the last quarter. BB&T Corp raised its position in Western Alliance Bancorp by 5.3% in the second quarter. BB&T Corp now owns 14,546 shares of the financial services provider’s stock valued at $474,000 after buying an additional 735 shares in the last quarter. Eagle Asset Management Inc. raised its position in Western Alliance Bancorp by 3.2% in the second quarter. Eagle Asset Management Inc. now owns 106,970 shares of the financial services provider’s stock valued at $3,492,000 after buying an additional 3,328 shares in the last quarter. Finally, BlackRock Inc. raised its position in Western Alliance Bancorp by 161.9% in the first quarter. BlackRock Inc. now owns 6,183 shares of the financial services provider’s stock valued at $207,000 after buying an additional 3,822 shares in the last quarter. 79.09% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorp (NYSE:WAL) traded down 1.03% during midday trading on Friday, reaching $37.37. The company had a trading volume of 328,962 shares. The company has a market capitalization of $3.88 billion, a P/E ratio of 15.48 and a beta of 1.61. Western Alliance Bancorp has a 1-year low of $26.60 and a 1-year high of $39.52. The firm has a 50-day moving average of $37.42 and a 200 day moving average of $35.81.

Western Alliance Bancorp (NYSE:WAL) last announced its quarterly earnings data on Monday, October 24th. The financial services provider reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.01. Western Alliance Bancorp had a return on equity of 15.02% and a net margin of 35.19%. During the same period in the prior year, the firm posted $0.53 EPS. On average, equities research analysts forecast that Western Alliance Bancorp will post $2.50 EPS for the current year.

Several research firms have recently issued reports on WAL. Zacks Investment Research lowered Western Alliance Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday. Jefferies Group reaffirmed a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research report on Tuesday, September 27th. Finally, Wells Fargo & Co. began coverage on Western Alliance Bancorp in a research report on Thursday, September 1st. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Western Alliance Bancorp has an average rating of “Buy” and an average price target of $40.63.

In other news, Director Donald D. Snyder sold 15,000 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $34.00, for a total transaction of $510,000.00. Following the transaction, the director now owns 117,579 shares of the company’s stock, valued at approximately $3,997,686. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donald D. Snyder sold 30,000 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $35.78, for a total value of $1,073,400.00. Following the transaction, the director now directly owns 117,579 shares in the company, valued at approximately $4,206,976.62. The disclosure for this sale can be found here. 10.27% of the stock is owned by company insiders.

About Western Alliance Bancorp

Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.

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