Western Alliance Bancorporation (NYSE:WAL) Shares Bought by Stratos Wealth Partners LTD.

Posted by Defense World Staff on Oct 6th, 2023

Stratos Wealth Partners LTD. grew its holdings in Western Alliance Bancorporation (NYSE:WAL – Free Report) by 4.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,759 shares of the financial services provider’s stock after buying an additional 300 shares during the period. Stratos Wealth Partners LTD.’s holdings in Western Alliance Bancorporation were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Advisor Networks LLC lifted its position in Western Alliance Bancorporation by 5.2% during the first quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider’s stock worth $413,000 after buying an additional 247 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Western Alliance Bancorporation during the 1st quarter worth $504,000. MetLife Investment Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the first quarter valued at about $374,000. Dimensional Fund Advisors LP boosted its holdings in Western Alliance Bancorporation by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,071,776 shares of the financial services provider’s stock valued at $88,776,000 after purchasing an additional 4,468 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Western Alliance Bancorporation by 13.8% in the 1st quarter. Sei Investments Co. now owns 126,197 shares of the financial services provider’s stock valued at $10,440,000 after buying an additional 15,297 shares during the period. 72.04% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Trading Up 1.3 %

NYSE:WAL opened at $43.67 on Friday. Western Alliance Bancorporation has a 12-month low of $7.46 and a 12-month high of $81.17. The firm has a market cap of $4.78 billion, a PE ratio of 5.24, a price-to-earnings-growth ratio of 0.51 and a beta of 1.42. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a fifty day moving average price of $48.57 and a 200 day moving average price of $40.46.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.97 by ($0.01). The company had revenue of $669.30 million during the quarter, compared to analysts’ expectations of $657.14 million. Western Alliance Bancorporation had a net margin of 24.19% and a return on equity of 20.09%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.39 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 8.12 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a $0.36 dividend. The ex-dividend date was Thursday, August 10th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.30%. Western Alliance Bancorporation’s payout ratio is 17.29%.

Analysts Set New Price Targets

A number of research firms recently commented on WAL. JPMorgan Chase & Co. upped their price objective on Western Alliance Bancorporation from $53.00 to $60.00 in a report on Thursday, July 20th. Royal Bank of Canada raised their price objective on Western Alliance Bancorporation from $55.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. UBS Group increased their target price on shares of Western Alliance Bancorporation from $61.00 to $66.00 in a research note on Thursday, July 20th. Truist Financial reduced their price target on shares of Western Alliance Bancorporation from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, September 27th. Finally, StockNews.com raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Friday, September 29th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Get Our Latest Research Report on Western Alliance Bancorporation

Western Alliance Bancorporation Company Profile

(Free Report)

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.