Royal Bank of Canada Has $13.01 Million Stock Position in Western Alliance Bancorporation $WAL

Royal Bank of Canada cut its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 9.1% in the 1st quarter, HoldingsChannel reports. The fund owned 183,625 shares of the financial services provider’s stock after selling 18,418 shares during the quarter. Royal Bank of Canada’s holdings in Western Alliance Bancorporation were worth $13,010,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp increased its position in Western Alliance Bancorporation by 513.5% during the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,448 shares during the period. Goldman Sachs Group Inc. increased its position in Western Alliance Bancorporation by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after buying an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Western Alliance Bancorporation by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock worth $26,701,000 after buying an additional 35,276 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Western Alliance Bancorporation by 11.3% in the second quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock valued at $547,000 after acquiring an additional 713 shares during the period. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $81.31 on Friday. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The company has a quick ratio of 0.80, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The stock’s 50-day simple moving average is $81.34 and its 200 day simple moving average is $80.77. The firm has a market capitalization of $8.87 billion, a PE ratio of 9.16, a price-to-earnings-growth ratio of 0.78 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting the consensus estimate of $2.36. The firm had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.07 earnings per share. On average, analysts anticipate that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation’s payout ratio is presently 18.92%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. UBS Group lifted their price target on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $94.82.

Insider Activity

In other 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 transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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.