Here Is What Hedge Funds Think About Western Alliance Bancorporation (WAL)

Due to the fact that Western Alliance Bancorporation (NYSE:WAL) has faced falling interest from the smart money, logic holds that there were a few hedge funds that elected to cut their entire stakes in the third quarter. Intriguingly, Anton Schutz’s Mendon Capital Advisors got rid of the biggest stake of all the investors watched by Insider Monkey, comprising close to $11.4 million in stock, and Benjamin A. Smith’s Laurion Capital Management was right behind this move, as the fund dropped about $5.9 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Western Alliance Bancorporation (NYSE:WAL) but similarly valued. These stocks are RSP Permian Inc (NYSE:RSPP), Bright Horizons Family Solutions Inc (NYSE:BFAM), Hudson Pacific Properties Inc (NYSE:HPP), and Fibria Celulose SA (ADR) (NYSE:FBR). This group of stocks’ market caps are similar to WAL’s market cap.

As you can see these stocks had an average of 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $151 million. That figure was $250 million in WAL’s case. RSP Permian Inc (NYSE:RSPP) is the most popular stock in this table. On the other hand Fibria Celulose SA (ADR) (NYSE:FBR) is the least popular one with only 7 bullish hedge fund positions. Western Alliance Bancorporation (NYSE:WAL) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RSPP might be a better candidate to consider taking a long position in.

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