Canada Pension Plan Investment Board Acquires 8,500 Shares of Western Alliance Bancorporation (NYSE:WAL)

Posted by Defense World Staff on Mar 2nd, 2023

Canada Pension Plan Investment Board boosted its holdings in Western Alliance Bancorporation (NYSE:WAL – Get Rating) by 447.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,400 shares of the financial services provider’s stock after buying an additional 8,500 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Western Alliance Bancorporation were worth $684,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Corient Capital Partners LLC increased its position in Western Alliance Bancorporation by 1.6% during the 2nd quarter. Corient Capital Partners LLC now owns 8,408 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 135 shares during the period. Guggenheim Capital LLC increased its position in Western Alliance Bancorporation by 3.2% during the 1st quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock valued at $400,000 after purchasing an additional 151 shares during the period. Boston Partners increased its position in Western Alliance Bancorporation by 0.9% during the 3rd quarter. Boston Partners now owns 16,953 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 152 shares during the period. Rockefeller Capital Management L.P. increased its position in Western Alliance Bancorporation by 3.9% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 5,249 shares of the financial services provider’s stock valued at $345,000 after purchasing an additional 196 shares during the period. Finally, Utah Retirement Systems grew its position in shares of Western Alliance Bancorporation by 1.1% during the 1st quarter. Utah Retirement Systems now owns 18,511 shares of the financial services provider’s stock worth $1,534,000 after buying an additional 200 shares during the period. Institutional investors own 84.68% of the company’s stock.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $75.16 on Thursday. The company has a fifty day simple moving average of $68.69 and a 200 day simple moving average of $69.18. Western Alliance Bancorporation has a 12-month low of $54.86 and a 12-month high of $93.49. The company has a current ratio of 1.00, a quick ratio of 0.98 and a debt-to-equity ratio of 1.42. The company has a market cap of $8.24 billion, a P/E ratio of 7.75, a PEG ratio of 0.70 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $2.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.67. Western Alliance Bancorporation had a net margin of 34.94% and a return on equity of 22.00%. The business had revenue of $701.20 million during the quarter, compared to the consensus estimate of $733.13 million. During the same quarter last year, the firm posted $2.32 EPS. Western Alliance Bancorporation’s revenue was up 25.0% compared to the same quarter last year. Sell-side analysts predict that Western Alliance Bancorporation will post 10.34 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 3rd. Shareholders of record on Friday, February 17th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.92%. The ex-dividend date is Thursday, February 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 14.85%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 1,750 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total transaction of $128,030.00. Following the transaction, the insider now directly owns 20,244 shares in the company, valued at approximately $1,481,051.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.57% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on WAL shares. TheStreet raised shares of Western Alliance Bancorporation from a “c+” rating to a “b” rating in a research report on Thursday, February 2nd. StockNews.com raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. reduced their price objective on shares of Western Alliance Bancorporation from $89.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, December 13th. Finally, Stephens raised their price objective on shares of Western Alliance Bancorporation from $80.00 to $86.00 in a research report on Thursday, January 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $86.75.

Western Alliance Bancorporation Company Profile

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.