Raymond James & Associates decreased its stake in shares of Western Alliance Bancorporation (NYSE:WAL – Free Report) by 21.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,502 shares of the financial services provider’s stock after selling 7,775 shares during the period. Raymond James & Associates’ holdings in Western Alliance Bancorporation were worth $1,039,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in Western Alliance Bancorporation by 44.4% during the 1st quarter. State Street Corp now owns 4,056,477 shares of the financial services provider’s stock worth $144,167,000 after purchasing an additional 1,246,855 shares in the last quarter. Norges Bank bought a new position in shares of Western Alliance Bancorporation during the fourth quarter worth about $68,940,000. Thrivent Financial for Lutherans raised its position in Western Alliance Bancorporation by 39.8% in the 1st quarter. Thrivent Financial for Lutherans now owns 3,962,156 shares of the financial services provider’s stock valued at $140,815,000 after buying an additional 1,128,782 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $32,430,000. Finally, Wellington Management Group LLP boosted its position in Western Alliance Bancorporation by 21.5% during the 1st quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock worth $411,724,000 after acquiring an additional 880,430 shares during the last quarter. 72.04% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently issued reports on WAL. Piper Sandler lowered their price objective on shares of Western Alliance Bancorporation from $60.00 to $59.00 and set an “overweight” rating on the stock in a report on Monday, October 23rd. DA Davidson increased their price objective on shares of Western Alliance Bancorporation from $52.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, July 20th. Truist Financial lifted their target price on Western Alliance Bancorporation from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $65.00 to $52.00 and set an “overweight” rating on the stock in a report on Monday, October 23rd. Finally, Stephens restated an “overweight” rating and issued a $65.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.87.
Western Alliance Bancorporation Price Performance
Shares of WAL opened at $48.29 on Friday. The company’s 50-day moving average is $45.87 and its 200-day moving average is $42.00. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.00 and a quick ratio of 0.97. The firm has a market capitalization of $5.29 billion, a PE ratio of 6.13, a PEG ratio of 0.51 and a beta of 1.41. Western Alliance Bancorporation has a fifty-two week low of $7.46 and a fifty-two week high of $81.17.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.06. Western Alliance Bancorporation had a net margin of 20.97% and a return on equity of 18.50%. The firm had revenue of $716.20 million for the quarter, compared to analysts’ expectations of $686.59 million. During the same period in the prior year, the firm earned $2.42 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Equities analysts forecast that Western Alliance Bancorporation will post 8.15 EPS for the current year.
Western Alliance Bancorporation Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.06%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 16th. Western Alliance Bancorporation’s dividend payout ratio is currently 18.27%.
Western Alliance Bancorporation Company Profile
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.
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