Western Alliance Bancorporation (NYSE:WAL) Shares Bought by Comerica Bank

Comerica Bank boosted its holdings in shares of Western Alliance Bancorporation (NYSE:WALGet Rating) by 11.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. River Oaks Capital LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $7,202,000. William Blair Investment Management LLC raised its holdings in shares of Western Alliance Bancorporation by 14.0% during the fourth quarter. William Blair Investment Management LLC now owns 2,469,420 shares of the financial services provider’s stock valued at $265,833,000 after acquiring an additional 302,565 shares during the period. Geode Capital Management LLC raised its holdings in shares of Western Alliance Bancorporation by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,331,301 shares of the financial services provider’s stock valued at $143,426,000 after acquiring an additional 45,555 shares during the period. GW&K Investment Management LLC raised its holdings in shares of Western Alliance Bancorporation by 5.4% during the fourth quarter. GW&K Investment Management LLC now owns 945,423 shares of the financial services provider’s stock valued at $101,775,000 after acquiring an additional 48,453 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Western Alliance Bancorporation by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 882,166 shares of the financial services provider’s stock valued at $94,965,000 after acquiring an additional 11,412 shares during the period. 87.16% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $76.38 on Monday. The company’s fifty day moving average is $75.07 and its 200-day moving average is $83.30. Western Alliance Bancorporation has a 12 month low of $68.41 and a 12 month high of $124.93. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 0.79 and a beta of 1.45. The company has a quick ratio of 0.83, a current ratio of 0.92 and a debt-to-equity ratio of 0.37.

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 (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.09. The business had revenue of $628.20 million during the quarter, compared to the consensus estimate of $585.26 million. Western Alliance Bancorporation had a net margin of 40.16% and a return on equity of 21.70%. During the same period in the prior year, the firm earned $2.29 EPS. Equities analysts expect that Western Alliance Bancorporation will post 9.94 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

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

Insider Buying and Selling

In related news, CFO Dale Gibbons purchased 2,000 shares of Western Alliance Bancorporation stock in a transaction on Friday, June 10th. The stock was purchased at an average cost of $77.22 per share, with a total value of $154,440.00. Following the acquisition, the chief financial officer now directly owns 258,365 shares in the company, valued at $19,950,945.30. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders bought 4,150 shares of company stock valued at $313,214. Company insiders own 2.81% of the company’s stock.

Analysts Set New Price Targets

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

Western Alliance Bancorporation Company 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.

See Also

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

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