Teachers Retirement System of The State of Kentucky grew its stake in shares of Western Alliance Bancorporation (NYSE:WAL – Get Rating) by 2.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,534 shares of the financial services provider’s stock after purchasing an additional 866 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Western Alliance Bancorporation were worth $2,694,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in WAL. Ardevora Asset Management LLP purchased a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth $81,941,000. Wellington Management Group LLP boosted 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 worth $411,724,000 after purchasing an additional 880,430 shares in the last quarter. Leeward Investments LLC MA purchased a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth $47,298,000. JPMorgan Chase & Co. raised its stake 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 worth $170,432,000 after buying an additional 418,505 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake 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 worth $775,286,000 after buying an additional 347,525 shares during the last quarter. 80.76% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on WAL. Truist Financial cut their price target on Western Alliance Bancorporation to $95.00 in a research note on Tuesday, July 26th. Jefferies Financial Group cut their price target on Western Alliance Bancorporation from $108.00 to $92.00 in a research note on Monday, July 11th. Wedbush boosted their target price on shares of Western Alliance Bancorporation to $85.00 in a research note on Friday, July 22nd. Finally, DA Davidson cut their target price on shares of Western Alliance Bancorporation to $100.00 in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.86.
Insiders Place Their Bets
Western Alliance Bancorporation Trading Up 1.9 %
NYSE WAL opened at $73.05 on Tuesday. 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 has a 12 month low of $68.41 and a 12 month high of $124.93. The company has a market cap of $7.91 billion, a P/E ratio of 7.79, a P/E/G ratio of 0.65 and a beta of 1.40. The company has a 50-day moving average of $77.36 and a 200-day moving average of $77.85.
Western Alliance Bancorporation (NYSE:WAL – Get Rating) last issued its earnings results on Thursday, July 21st. The financial services provider reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. Western Alliance Bancorporation had a return on equity of 21.55% and a net margin of 40.16%. The business had revenue of $628.20 million during the quarter, compared to analysts’ expectations of $585.26 million. During the same quarter in the previous year, the business earned $2.29 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 10.03 earnings per share for the current year.
Western Alliance Bancorporation Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a dividend of $0.36 per share. 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%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.35. Western Alliance Bancorporation’s payout ratio is presently 15.64%.
Western Alliance Bancorporation Profile
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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