Victory Capital Management Inc. Purchases 750,773 Shares of Western Alliance Bancorporation (NYSE:WAL)

Victory Capital Management Inc. grew its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 5,918.1% in the 4th quarter, HoldingsChannel reports. The fund owned 763,459 shares of the financial services provider’s stock after buying an additional 750,773 shares during the period. Victory Capital Management Inc.’s holdings in Western Alliance Bancorporation were worth $50,228,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Western Alliance Bancorporation by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock valued at $460,724,000 after purchasing an additional 74,824 shares in the last quarter. William Blair Investment Management LLC raised its holdings in shares of Western Alliance Bancorporation by 3.8% in the 3rd quarter. William Blair Investment Management LLC now owns 3,443,399 shares of the financial services provider’s stock worth $158,293,000 after acquiring an additional 125,392 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Western Alliance Bancorporation by 103.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after acquiring an additional 876,413 shares in the last quarter. FMR LLC boosted its stake in Western Alliance Bancorporation by 39.6% during the 3rd quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock valued at $63,068,000 after purchasing an additional 389,327 shares during the last quarter. Finally, Barclays PLC increased its holdings in Western Alliance Bancorporation by 489.0% during the 3rd quarter. Barclays PLC now owns 1,333,881 shares of the financial services provider’s stock worth $61,320,000 after purchasing an additional 1,107,431 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on WAL shares. JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Wells Fargo & Company cut their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. Royal Bank of Canada lowered their target price on shares of Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Truist Financial cut their price target on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Citigroup increased their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $61.29 on Friday. The firm’s 50 day simple moving average is $59.25 and its 200 day simple moving average is $57.49. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The firm has a market capitalization of $6.75 billion, a PE ratio of 8.93 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.03. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same quarter in the prior year, the firm posted $2.30 earnings per share. As a group, analysts expect that Western Alliance Bancorporation will post 7.57 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Thursday, May 16th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.41%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Western Alliance Bancorporation Company 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 through Commercial and Consumer Related 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; demand deposits; and treasury management and residential mortgage products and services.