Pitcairn Co. decreased its position in Western Alliance Bancorporation (NYSE:WAL) by 7.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,278 shares of the financial services provider’s stock after selling 402 shares during the quarter. Pitcairn Co.’s holdings in Western Alliance Bancorporation were worth $575,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. FMR LLC grew its holdings in Western Alliance Bancorporation by 52.0% during the first quarter. FMR LLC now owns 451,964 shares of the financial services provider’s stock worth $18,549,000 after acquiring an additional 154,596 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Western Alliance Bancorporation by 0.5% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 186,200 shares of the financial services provider’s stock worth $17,289,000 after buying an additional 1,000 shares during the period. Van ECK Associates Corp increased its position in shares of Western Alliance Bancorporation by 145.8% during the second quarter. Van ECK Associates Corp now owns 1,369 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 812 shares during the period. BNP Paribas Arbitrage SA grew its position in Western Alliance Bancorporation by 115.0% in the second quarter. BNP Paribas Arbitrage SA now owns 59,079 shares of the financial services provider’s stock valued at $5,485,000 after acquiring an additional 31,595 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Western Alliance Bancorporation by 8.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,981 shares of the financial services provider’s stock worth $1,205,000 after purchasing an additional 986 shares in the last quarter. 86.41% of the stock is owned by institutional investors.
WAL has been the subject of several recent analyst reports. DA Davidson increased their price target on Western Alliance Bancorporation from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, October 25th. Jefferies Financial Group lifted their price target on Western Alliance Bancorporation from $116.00 to $131.00 and gave the company a “buy” rating in a research note on Monday, October 11th. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $150.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, January 4th. Truist boosted their target price on Western Alliance Bancorporation from $114.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, October 25th. Finally, Bank of America started coverage on Western Alliance Bancorporation in a report on Monday, October 18th. They set a “buy” rating and a $150.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $121.69.
Shares of WAL stock opened at $122.35 on Friday. The company’s fifty day simple moving average is $112.23 and its two-hundred day simple moving average is $105.51. Western Alliance Bancorporation has a 52 week low of $67.33 and a 52 week high of $124.93. The company has a quick ratio of 0.78, a current ratio of 0.93 and a debt-to-equity ratio of 0.49. The stock has a market cap of $12.75 billion, a P/E ratio of 14.67, a PEG ratio of 0.45 and a beta of 1.52.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Wednesday, October 20th. The financial services provider reported $2.28 EPS for the quarter, beating the consensus estimate of $2.25 by $0.03. The company had revenue of $548.50 million for the quarter, compared to the consensus estimate of $529.80 million. Western Alliance Bancorporation had a net margin of 46.41% and a return on equity of 22.40%. During the same period in the prior year, the firm posted $1.36 EPS. On average, analysts anticipate that Western Alliance Bancorporation will post 8.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 3rd. Shareholders of record on Friday, November 19th were issued a $0.35 dividend. The ex-dividend date was Thursday, November 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.14%. Western Alliance Bancorporation’s dividend payout ratio is currently 16.91%.
About Western Alliance Bancorporation
Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial; Consumer Related, and Corporate and Other. The Commercial segment focuses in delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
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