Comerica Bank Boosts Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Comerica Bank grew its stake in Western Alliance Bancorporation (NYSE:WALGet Rating) by 11.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,260 shares of the financial services provider’s stock after purchasing an additional 448 shares during the period. Comerica Bank’s holdings in Western Alliance Bancorporation were worth $335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Toronto Dominion Bank lifted its holdings in Western Alliance Bancorporation by 3,158.8% in the fourth quarter. Toronto Dominion Bank now owns 36,108 shares of the financial services provider’s stock valued at $3,887,000 after acquiring an additional 35,000 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at approximately $39,000. Stratos Wealth Partners LTD. lifted its holdings in Western Alliance Bancorporation by 1.8% in the first quarter. Stratos Wealth Partners LTD. now owns 12,625 shares of the financial services provider’s stock valued at $1,046,000 after acquiring an additional 223 shares during the last quarter. Aptus Capital Advisors LLC lifted its holdings in Western Alliance Bancorporation by 23.5% in the fourth quarter. Aptus Capital Advisors LLC now owns 33,720 shares of the financial services provider’s stock valued at $3,630,000 after acquiring an additional 6,426 shares during the last quarter. Finally, Chartwell Investment Partners LLC lifted its holdings in Western Alliance Bancorporation by 6.2% in the first quarter. Chartwell Investment Partners LLC now owns 11,443 shares of the financial services provider’s stock valued at $948,000 after acquiring an additional 669 shares during the last quarter. 87.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of recent analyst reports. Truist Financial decreased their price objective on Western Alliance Bancorporation to $95.00 in a report on Tuesday, July 26th. Wedbush upped their price target on Western Alliance Bancorporation to $85.00 in a research note on Friday, July 22nd. DA Davidson decreased their price target on Western Alliance Bancorporation to $100.00 in a research note on Monday, July 25th. Piper Sandler decreased their price target on Western Alliance Bancorporation to $105.00 in a research note on Friday, May 20th. Finally, Jefferies Financial Group decreased their price target on Western Alliance Bancorporation from $108.00 to $92.00 in a research note on Monday, July 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $108.86.

Western Alliance Bancorporation Stock Up 0.4 %

Western Alliance Bancorporation stock opened at $76.38 on Monday. Western Alliance Bancorporation has a twelve month low of $68.41 and a twelve month high of $124.93. The stock’s fifty day simple moving average is $75.07 and its 200-day simple moving average is $83.30. The company has a current ratio of 0.92, a quick ratio of 0.83 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $8.27 billion, a P/E ratio of 8.29, a P/E/G ratio of 0.79 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WALGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. Western Alliance Bancorporation had a return on equity of 21.70% and a net margin of 40.16%. The business had revenue of $628.20 million for the quarter, compared to analyst estimates of $585.26 million. During the same quarter in the prior year, the company earned $2.29 earnings per share. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.94 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Friday, August 12th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.89%. The ex-dividend date is Thursday, August 11th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.35. Western Alliance Bancorporation’s dividend payout ratio is 15.20%.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CFO Dale Gibbons bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The shares were purchased at an average price of $77.22 per share, with a total value of $154,440.00. Following the completion of the acquisition, the chief financial officer now directly owns 258,365 shares of the company’s stock, valued at approximately $19,950,945.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired 4,150 shares of company stock valued at $313,214 over the last quarter. 2.81% of the stock is owned by insiders.

Western Alliance Bancorporation Profile

(Get Rating)

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates in Commercial, Consumer Related, and Corporate & Other segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; and treasury management and residential mortgage products and services.

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Institutional Ownership by Quarter for Western Alliance Bancorporation (NYSE:WAL)

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