Cadence Capital Management LLC Has $1.57 Million Position in Western Alliance Bancorporation (WAL)
Cadence Capital Management LLC reduced its stake in Western Alliance Bancorporation (NYSE:WAL) by 3.8% in the third quarter, Holdings Channel reports. The institutional investor owned 27,616 shares of the financial services provider’s stock after selling 1,088 shares during the quarter. Cadence Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $1,571,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Western Alliance Bancorporation by 44.1% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,344 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 1,023 shares during the last quarter. Moody Aldrich Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at $209,000. Atria Investments LLC purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $210,000. Fiduciary Trust Co. purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $215,000. Finally, Signition LP purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at $236,000. 83.52% of the stock is owned by institutional investors and hedge funds.
WAL stock opened at $48.54 on Friday. 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 firm has a market cap of $5.21 billion, a PE ratio of 15.66, a PEG ratio of 1.01 and a beta of 1.52. Western Alliance Bancorporation has a fifty-two week low of $45.53 and a fifty-two week high of $64.06.
WAL has been the subject of several research analyst reports. Citigroup decreased their target price on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating for the company in a research report on Monday, October 22nd. Barclays decreased their target price on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, October 22nd. Zacks Investment Research raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, October 13th. Stephens reaffirmed a “buy” rating and set a $68.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, October 19th. Finally, Royal Bank of Canada decreased their target price on Western Alliance Bancorporation to $61.00 and set an “outperform” rating for the company in a research report on Monday, October 22nd. One equities research 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’s stock. The stock presently has an average rating of “Buy” and an average price target of $64.80.
In other news, Director Michael Patriarca purchased 2,140 shares of the business’s stock in a transaction dated Wednesday, October 24th. The stock was bought at an average price of $46.78 per share, for a total transaction of $100,109.20. Following the purchase, the director now owns 8,875 shares of the company’s stock, valued at $415,172.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.48% of the stock is currently owned by corporate insiders.
TRADEMARK VIOLATION WARNING: This story was originally posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are reading this story on another website, it was illegally copied and reposted in violation of US and international copyright and trademark laws. The original version of this story can be read at https://theolympiareport.com/2018/11/11/cadence-capital-management-llc-has-1-57-million-position-in-western-alliance-bancorporation-wal.html.
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: Stop Order
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).
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.