Peapack Gladstone Financial Corp Boosts Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Peapack Gladstone Financial Corp grew its stake in shares of Western Alliance Bancorporation (NYSE:WALFree Report) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,373 shares of the financial services provider’s stock after acquiring an additional 303 shares during the period. Peapack Gladstone Financial Corp’s holdings in Western Alliance Bancorporation were worth $749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Riverwater Partners LLC raised its position in shares of Western Alliance Bancorporation by 0.7% in the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock worth $1,920,000 after buying an additional 211 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Western Alliance Bancorporation by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after acquiring an additional 240 shares during the last quarter. Madison Asset Management LLC grew its stake in shares of Western Alliance Bancorporation by 0.4% during the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after buying an additional 297 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Western Alliance Bancorporation by 5.5% during the third quarter. Principal Financial Group Inc. now owns 8,492 shares of the financial services provider’s stock valued at $390,000 after buying an additional 443 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Western Alliance Bancorporation by 49.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,402 shares of the financial services provider’s stock valued at $92,000 after buying an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Insider Activity

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total transaction of $64,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Jefferies Financial Group reduced their price objective on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Royal Bank of Canada reduced their price objective on Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, April 22nd. Stephens reissued an “overweight” rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. Finally, Wedbush reissued an “outperform” rating and issued a $70.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.47.

Read Our Latest Report on Western Alliance Bancorporation

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $59.37 on Thursday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.90 and a quick ratio of 0.87. Western Alliance Bancorporation has a one year low of $34.45 and a one year high of $70.23. The company has a 50-day simple moving average of $60.89 and a two-hundred day simple moving average of $60.45. The firm has a market capitalization of $6.54 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WALGet Free Report) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. During the same period last year, the business posted $2.30 earnings per share. On average, analysts anticipate that Western Alliance Bancorporation will post 7.44 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.49%. Western Alliance Bancorporation’s payout ratio is 21.57%.

About Western Alliance Bancorporation

(Free Report)

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.

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

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