Persistent Asset Partners Ltd Makes New Investment in Western Alliance Bancorporation $WAL

Persistent Asset Partners Ltd bought a new stake in Western Alliance Bancorporation (NYSE:WAL) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,091 shares of the financial services provider’s stock, valued at approximately $788,000.

Other hedge funds also recently bought and sold shares of the company. Congress Asset Management Co. raised its position in Western Alliance Bancorporation by 14.5% in the 3rd quarter. Congress Asset Management Co. now owns 215,419 shares of the financial services provider’s stock worth $18,681,000 after purchasing an additional 27,329 shares during the period. SG Americas Securities LLC grew its stake in shares of Western Alliance Bancorporation by 568.0% during the third quarter. SG Americas Securities LLC now owns 17,355 shares of the financial services provider’s stock valued at $1,505,000 after buying an additional 14,757 shares during the last quarter. Hussman Strategic Advisors Inc. raised its holdings in shares of Western Alliance Bancorporation by 100.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the financial services provider’s stock worth $3,275,000 after buying an additional 21,000 shares during the period. Cincinnati Financial Corp bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $3,899,000. Finally, Catalyst Funds Management Pty Ltd purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at $250,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Wall Street Analysts Forecast Growth

WAL has been the subject of several research analyst reports. Barclays reiterated an “overweight” rating on shares of Western Alliance Bancorporation in a research report on Monday, February 2nd. iA Financial set a $101.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. UBS Group set a $106.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, February 4th. Finally, Keefe, Bruyette & Woods boosted their price target on Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.73.

Western Alliance Bancorporation Trading Down 3.9%

Shares of NYSE:WAL opened at $91.33 on Friday. The company has a market capitalization of $10.05 billion, a PE ratio of 10.46, a P/E/G ratio of 0.81 and a beta of 1.37. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $97.23. The business’s fifty day simple moving average is $89.13 and its 200-day simple moving average is $84.96.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Monday, January 26th. The financial services provider reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The company had revenue of $980.90 million for the quarter, compared to the consensus estimate of $912.69 million. During the same quarter last year, the company earned $1.95 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 20th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Western Alliance Bancorporation’s payout ratio is presently 19.24%.

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.