Should You Invest in Western Alliance (WAL)?
Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy had a strong performance in the second quarter, returning 13.31% net of fees compared to the S&P 500’s 8.74% gain. The strategy grew 20.91% over the last year, compared to a 19.59% increase for the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Opportunity Equity Strategy highlighted stocks like Western Alliance Bancorporation (NYSE:WAL) in the second quarter 2023 investor letter. Headquartered in Phoenix, Arizona, Western Alliance Bancorporation (NYSE:WAL) is a bank holding company. On October 4, 2023, Western Alliance Bancorporation (NYSE:WAL) stock closed at $43.10 per share. One-month return of Western Alliance Bancorporation (NYSE:WAL) was -8.43%, and its shares lost 36.36% of their value over the last 52 weeks. Western Alliance Bancorporation (NYSE:WAL) has a market capitalization of $4.72 billion.
Patient Capital Opportunity Equity Strategy made the following comment about Western Alliance Bancorporation (NYSE:WAL) in its Q2 2023 investor letter:
"We also bought Western Alliance Bancorporation (NYSE:WAL). We initiated the Western Alliance position during the second bank selloff in May. The stock reflected the risk of a bank run. We thought these concerns were overdone since the company published frequent positive deposit updates. We were able to buy the stock at 3-4x earnings believing it should normalize at least back to its April price in the $40s."
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Western Alliance Bancorporation (NYSE:WAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Western Alliance Bancorporation (NYSE:WAL) at the end of second quarter which was 31 in the previous quarter.
We discussed Western Alliance Bancorporation (NYSE:WAL) in another article and shared the list of best performing stocks in the last 3 months. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
