Cigna Investments Inc. New Makes New Investment in Western Alliance Bancorporation (NYSE:WAL)

Cigna Investments Inc. New acquired a new position in Western Alliance Bancorporation (NYSE:WAL) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,574 shares of the financial services provider’s stock, valued at approximately $229,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in Western Alliance Bancorporation by 27.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 147,438 shares of the financial services provider’s stock valued at $6,051,000 after purchasing an additional 31,501 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its position in Western Alliance Bancorporation by 17.9% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 697,608 shares of the financial services provider’s stock worth $28,630,000 after acquiring an additional 105,700 shares during the period. CIBC World Markets Inc. raised its position in Western Alliance Bancorporation by 1.9% during the first quarter. CIBC World Markets Inc. now owns 21,433 shares of the financial services provider’s stock worth $880,000 after acquiring an additional 400 shares during the period. Bremer Bank National Association acquired a new stake in shares of Western Alliance Bancorporation in the first quarter valued at about $97,000. Finally, AlphaMark Advisors LLC raised its position in shares of Western Alliance Bancorporation by 11.1% in the first quarter. AlphaMark Advisors LLC now owns 63,085 shares of the financial services provider’s stock valued at $2,589,000 after buying an additional 6,302 shares during the last quarter. 82.86% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently commented on WAL. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, June 5th. ValuEngine upgraded shares of Western Alliance Bancorporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Co raised their price objective on shares of Western Alliance Bancorporation from $53.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Western Alliance Bancorporation has an average rating of “Buy” and an average price target of $59.13.

In related news, insider Robert Gary Sarver sold 66,351 shares of Western Alliance Bancorporation stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $46.71, for a total value of $3,099,255.21. Following the completion of the transaction, the insider now owns 59,504 shares in the company, valued at $2,779,431.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William S. Boyd acquired 2,500 shares of the business’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $45.25 per share, for a total transaction of $113,125.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at approximately $226,250. The disclosure for this purchase can be found here. Company insiders own 7.72% of the company’s stock.

WAL stock traded up $0.31 during mid-day trading on Friday, hitting $44.72. 1,205,071 shares of the company were exchanged, compared to its average volume of 833,279. The firm’s fifty day simple moving average is $43.96. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. Western Alliance Bancorporation has a 12-month low of $37.39 and a 12-month high of $60.01. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 0.81 and a beta of 1.62.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.06. Western Alliance Bancorporation had a net margin of 40.08% and a return on equity of 17.84%. The business had revenue of $259.90 million during the quarter, compared to analyst estimates of $266.48 million. During the same quarter last year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts expect that Western Alliance Bancorporation will post 4.75 EPS for the current fiscal year.

Western Alliance Bancorporation Company 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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