Vaughan Nelson Investment Management L.P. trimmed its position in Western Alliance Bancorporation (NYSE:WAL – Free Report) by 60.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,792 shares of the financial services provider’s stock after selling 243,885 shares during the quarter. Vaughan Nelson Investment Management L.P. owned approximately 0.15% of Western Alliance Bancorporation worth $11,463,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock worth $518,578,000 after acquiring an additional 1,599,537 shares during the period. Norges Bank bought a new position in Western Alliance Bancorporation in the 4th quarter valued at $125,482,000. Price T Rowe Associates Inc. MD grew its position in shares of Western Alliance Bancorporation by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after purchasing an additional 777,369 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Western Alliance Bancorporation by 2,331.6% during the 4th quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock valued at $40,817,000 after purchasing an additional 465,541 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in shares of Western Alliance Bancorporation by 7,920.9% in the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock worth $26,535,000 after purchasing an additional 311,689 shares during the period. 79.15% of the stock is currently owned by institutional investors.
Western Alliance Bancorporation Price Performance
WAL opened at $78.73 on Tuesday. The stock’s 50 day simple moving average is $79.23 and its 200 day simple moving average is $81.89. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 9.16, a PEG ratio of 0.61 and a beta of 1.34.
Western Alliance Bancorporation Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation’s payout ratio is presently 19.56%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on WAL shares. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. TD Cowen cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price target on the stock. in a report on Monday, March 9th. Finally, Barclays dropped their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.93.
Check Out Our Latest Report on Western Alliance Bancorporation
Insider Buying and Selling
In related news, CAO Ben Mucha sold 5,946 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at $282,285. This represents a 63.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.75% of the stock is owned by corporate insiders.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
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