Congress Asset Management Co. Grows Stock Holdings in Western Alliance Bancorporation $WAL

Congress Asset Management Co. lifted its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 9.7% during the second quarter, Holdings Channel reports. The institutional investor owned 188,090 shares of the financial services provider’s stock after purchasing an additional 16,604 shares during the period. Congress Asset Management Co.’s holdings in Western Alliance Bancorporation were worth $14,667,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Oliver Luxxe Assets LLC lifted its stake in shares of Western Alliance Bancorporation by 1.6% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 51,923 shares of the financial services provider’s stock valued at $4,049,000 after buying an additional 837 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Western Alliance Bancorporation by 6.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,317 shares of the financial services provider’s stock valued at $181,000 after buying an additional 136 shares in the last quarter. Park Avenue Securities LLC purchased a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $208,000. Silver Oak Securities Incorporated lifted its stake in shares of Western Alliance Bancorporation by 4.0% during the 2nd quarter. Silver Oak Securities Incorporated now owns 14,180 shares of the financial services provider’s stock valued at $1,106,000 after buying an additional 546 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Western Alliance Bancorporation by 171.9% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 34,800 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 22,000 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on WAL. Cowen began coverage on shares of Western Alliance Bancorporation in a research note on Wednesday. They issued a “buy” rating on the stock. Truist Financial decreased their price target on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a research note on Monday, July 21st. Piper Sandler boosted their price target on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 21st. National Bankshares set a $118.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday. Finally, Wells Fargo & Company decreased their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, July 21st. Thirteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus target price of $100.00.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the business’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the sale, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. The trade was a 9.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.68% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $88.31 on Friday. The company’s 50-day moving average price is $85.07 and its 200-day moving average price is $77.96. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.75 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 0.61 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The firm had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. During the same period in the previous year, the firm posted $1.75 EPS. On average, equities research analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were issued a $0.38 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.7%. Western Alliance Bancorporation’s payout ratio is 19.97%.

About Western Alliance Bancorporation

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.