Covington Capital Management Sells 674 Shares of Western Alliance Bancorporation (NYSE:WAL)

Covington Capital Management trimmed its position in Western Alliance Bancorporation (NYSE:WALGet Rating) by 47.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 750 shares of the financial services provider’s stock after selling 674 shares during the period. Covington Capital Management’s holdings in Western Alliance Bancorporation were worth $53,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ardevora Asset Management LLP bought a new position in shares of Western Alliance Bancorporation during the 1st quarter valued at approximately $81,941,000. Wellington Management Group LLP grew its position in shares of Western Alliance Bancorporation by 21.5% during the 1st quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock valued at $411,724,000 after acquiring an additional 880,430 shares during the period. Leeward Investments LLC MA bought a new position in shares of Western Alliance Bancorporation during the 1st quarter valued at approximately $47,298,000. JPMorgan Chase & Co. grew its position in shares of Western Alliance Bancorporation by 25.5% during the 1st quarter. JPMorgan Chase & Co. now owns 2,057,849 shares of the financial services provider’s stock valued at $170,432,000 after acquiring an additional 418,505 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Western Alliance Bancorporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 9,361,098 shares of the financial services provider’s stock valued at $775,286,000 after acquiring an additional 347,525 shares during the period. 80.76% of the stock is owned by institutional investors.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $73.05 on Tuesday. The company’s 50 day simple moving average is $77.36 and its two-hundred day simple moving average is $77.85. The stock has a market capitalization of $7.91 billion, a PE ratio of 7.93, a P/E/G ratio of 0.65 and a beta of 1.40. Western Alliance Bancorporation has a 1 year low of $68.41 and a 1 year high of $124.93. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.99 and a quick ratio of 0.93.

Western Alliance Bancorporation (NYSE:WALGet Rating) last issued its quarterly earnings results on Thursday, July 21st. The financial services provider reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The firm had revenue of $628.20 million for the quarter, compared to analyst estimates of $585.26 million. Western Alliance Bancorporation had a net margin of 40.16% and a return on equity of 21.55%. During the same quarter in the prior year, the firm earned $2.29 EPS. Analysts predict that Western Alliance Bancorporation will post 10.03 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a $0.36 dividend. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.35. The ex-dividend date was Thursday, August 11th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.97%. Western Alliance Bancorporation’s dividend payout ratio is presently 15.64%.

Insider Transactions at Western Alliance Bancorporation

In related news, Director Donald D. Snyder sold 4,500 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $78.36, for a total transaction of $352,620.00. Following the transaction, the director now owns 94,359 shares of the company’s stock, valued at approximately $7,393,971.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.57% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Western Alliance Bancorporation from $108.00 to $92.00 in a research report on Monday, July 11th. Wedbush upped their price target on shares of Western Alliance Bancorporation to $85.00 in a research note on Friday, July 22nd. DA Davidson dropped their price target on shares of Western Alliance Bancorporation to $100.00 in a research note on Monday, July 25th. Finally, Truist Financial dropped their price target on shares of Western Alliance Bancorporation to $95.00 in a research note on Tuesday, July 26th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus 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.

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

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