Sanctuary Advisors LLC bought a new position in Western Alliance Bancorporation (NYSE:WAL – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 11,071 shares of the financial services provider’s stock, valued at approximately $910,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in WAL. BlackRock Inc. bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $926,898,000. Davis Asset Management L.P. bought a new position in Western Alliance Bancorporation during the 2nd quarter worth about $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Western Alliance Bancorporation during the 2nd quarter worth about $174,329,000. Norges Bank purchased a new position in Western Alliance Bancorporation during the 4th quarter valued at about $125,482,000. Finally, Bank of New York Mellon Corp purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $72,621,000. Institutional investors own 79.15% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on WAL shares. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Western Alliance Bancorporation in a report on Friday, August 21st. DA Davidson set a $36.00 price objective on shares of Western Alliance Bancorporation in a research note on Wednesday, July 22nd. Piper Sandler upped their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Finally, Mizuho set a $96.00 target price on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.47.
Western Alliance Bancorporation Price Performance
Shares of WAL opened at $78.75 on Friday. The company has a 50 day moving average of $81.32 and a two-hundred day moving average of $79.79. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 8.87, a price-to-earnings-growth ratio of 0.77 and a beta of 1.34.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same period in the prior year, the firm posted $2.07 earnings per share. The business’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.
Western Alliance Bancorporation Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is currently 18.92%.
Insider Buying and Selling
In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer owned 3,485 shares of the company’s stock, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.76% of the company’s stock.
Western Alliance Bancorporation 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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