Man Group plc Makes New Investment in Western Alliance Bancorporation $WAL

Man Group plc acquired a new stake in Western Alliance Bancorporation (NYSE:WAL) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 241,237 shares of the financial services provider’s stock, valued at approximately $19,830,000.

Several other large investors also recently modified their holdings of WAL. Miller Value Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the second quarter worth about $3,432,000. Jupiter Topco LLC purchased a new position in Western Alliance Bancorporation in the second quarter valued at about $101,995,000. Stanley Capital Management LLC purchased a new position in Western Alliance Bancorporation in the second quarter valued at about $15,782,000. Hsbc Holdings PLC acquired a new stake in Western Alliance Bancorporation during the 2nd quarter valued at approximately $9,333,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Western Alliance Bancorporation during the 2nd quarter valued at approximately $2,260,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Up 0.0%

Shares of Western Alliance Bancorporation stock opened at $79.65 on Thursday. The business has a 50-day moving average price of $81.34 and a 200 day moving average price of $79.90. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The firm has a market cap of $8.69 billion, a P/E ratio of 8.97, a P/E/G ratio of 0.77 and a beta of 1.34. 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 (NYSE:WAL) last released its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts’ consensus estimates of $2.36. The company had revenue of $995.70 million for 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%.Western Alliance Bancorporation’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.07 EPS. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, August 13th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 18.92%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the transaction, the chief accounting officer owned 3,485 shares of the company’s stock, valued at $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.76% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

WAL has been the topic of several analyst reports. Piper Sandler upped their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. increased their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Truist Financial raised their price target on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Western Alliance Bancorporation in a report on Friday, August 21st. Finally, Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.47.

About Western Alliance Bancorporation

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.