Envestnet Asset Management Inc. Raises Position in Western Alliance Bancorporation (NYSE:WAL)

Envestnet Asset Management Inc. boosted its stake in Western Alliance Bancorporation (NYSE:WALGet Rating) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 239,751 shares of the financial services provider’s stock after buying an additional 11,002 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.22% of Western Alliance Bancorporation worth $19,856,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of WAL. River Oaks Capital LLC acquired a new stake in Western Alliance Bancorporation in the 4th quarter valued at about $7,202,000. Ardevora Asset Management LLP acquired a new stake in Western Alliance Bancorporation in the 1st quarter valued at about $81,941,000. Baird Financial Group Inc. raised its holdings in Western Alliance Bancorporation by 1,208.3% in the 4th quarter. Baird Financial Group Inc. now owns 382,824 shares of the financial services provider’s stock valued at $41,211,000 after acquiring an additional 353,563 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of Western Alliance Bancorporation by 14.0% during the 4th quarter. William Blair Investment Management LLC now owns 2,469,420 shares of the financial services provider’s stock worth $265,833,000 after buying an additional 302,565 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Western Alliance Bancorporation by 475.0% during the 4th quarter. Point72 Asset Management L.P. now owns 356,500 shares of the financial services provider’s stock worth $38,377,000 after buying an additional 294,500 shares during the last quarter. Institutional investors and hedge funds own 87.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WAL. Truist Financial cut their price target on shares of Western Alliance Bancorporation to $95.00 in a report on Tuesday, July 26th. Jefferies Financial Group cut their price target on shares of Western Alliance Bancorporation from $108.00 to $92.00 in a report on Monday, July 11th. DA Davidson cut their price target on shares of Western Alliance Bancorporation to $100.00 in a report on Monday, July 25th. Wedbush raised their price target on shares of Western Alliance Bancorporation to $85.00 in a report on Friday, July 22nd. Finally, Piper Sandler cut their price target on shares of Western Alliance Bancorporation to $105.00 in a report on Friday, May 20th. Two equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.86.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey purchased 2,000 shares of the firm’s stock in a transaction on Thursday, May 12th. The stock was bought at an average price of $73.57 per share, with a total value of $147,140.00. Following the transaction, the chief accounting officer now directly owns 8,090 shares of the company’s stock, valued at approximately $595,181.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired 4,150 shares of company stock valued at $313,214 in the last 90 days. Company insiders own 2.81% of the company’s stock.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $76.41 on Thursday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.83 and a current ratio of 0.99. The stock has a market capitalization of $8.27 billion, a P/E ratio of 8.30, a PEG ratio of 0.69 and a beta of 1.42. The company has a 50 day moving average price of $75.02 and a 200 day moving average price of $82.88. Western Alliance Bancorporation has a fifty-two week low of $68.41 and a fifty-two week high of $124.93.

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 net margin of 40.16% and a return on equity of 21.55%. The firm had revenue of $628.20 million during the quarter, compared to analysts’ expectations of $585.26 million. During the same quarter last year, the company posted $2.29 EPS. Equities research analysts forecast that Western Alliance Bancorporation will post 10.03 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 12th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Thursday, August 11th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.35. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 15.20%.

About Western Alliance Bancorporation

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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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