Miller Value Partners LLC Invests $3.43 Million in Western Alliance Bancorporation $WAL

Miller Value Partners LLC purchased a new stake in Western Alliance Bancorporation (NYSE:WAL) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 41,755 shares of the financial services provider’s stock, valued at approximately $3,432,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Western Alliance Bancorporation during the second quarter worth approximately $926,898,000. Price T Rowe Associates Inc. MD grew its holdings in Western Alliance Bancorporation by 9.8% in 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 buying an additional 777,369 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Western Alliance Bancorporation by 7.9% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock valued at $542,286,000 after buying an additional 470,492 shares in the last quarter. Invesco Ltd. increased its stake in shares of Western Alliance Bancorporation by 3.4% in the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock worth $521,710,000 after acquiring an additional 197,854 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Western Alliance Bancorporation by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after acquiring an additional 36,534 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Up 1.7%

Shares of WAL opened at $79.73 on Wednesday. The firm has a market cap of $8.70 billion, a P/E ratio of 8.98, a price-to-earnings-growth ratio of 0.76 and a beta of 1.34. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company’s 50-day moving average price is $81.31 and its 200 day moving average price is $79.98. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, hitting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The company had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same quarter last year, the firm posted $2.07 earnings per share. Western Alliance Bancorporation’s revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is currently 18.92%.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction that occurred 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 owned 3,485 shares of the company’s stock, valued at approximately $282,285. This trade represents a 63.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.76% of the company’s stock.

Wall Street Analyst Weigh In

WAL has been the topic of several recent research reports. Citigroup boosted their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Western Alliance Bancorporation in a research note on Friday. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Finally, TD Cowen increased their price target on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a “hold” rating in a research note on Monday, July 27th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.47.

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.