Cullen Capital Management LLC Reduces Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Cullen Capital Management LLC lessened its holdings in Western Alliance Bancorporation (NYSE:WALFree Report) by 40.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,139 shares of the financial services provider’s stock after selling 5,521 shares during the quarter. Cullen Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $535,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. WCM Investment Management LLC purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter worth about $12,387,000. Smead Capital Management Inc. purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter worth about $77,957,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter worth about $917,000. Strs Ohio grew its holdings in shares of Western Alliance Bancorporation by 35.3% during the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock worth $5,697,000 after purchasing an additional 22,600 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Western Alliance Bancorporation by 170.4% during the third quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock worth $59,507,000 after purchasing an additional 815,737 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 the business’s stock in a transaction 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 sale, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Down 1.4 %

WAL stock opened at $57.93 on Tuesday. The stock has a market capitalization of $6.38 billion, a P/E ratio of 8.44, a PEG ratio of 1.11 and a beta of 1.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. 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 moving average price of $60.59 and a two-hundred day moving average price of $60.74.

Western Alliance Bancorporation (NYSE:WALGet Free Report) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. During the same period in the previous year, the company earned $2.30 EPS. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were paid a dividend of $0.37 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.55%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Analysts Set New Price Targets

A number of research firms recently issued reports on WAL. Royal Bank of Canada lowered their price target on Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. DA Davidson reduced their price objective on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Western Alliance Bancorporation in a research report on Wednesday, May 8th. Finally, Barclays cut their price objective on Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating for the company in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.47.

Read Our Latest Research Report on Western Alliance Bancorporation

Western Alliance Bancorporation Company Profile

(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.

Further Reading

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

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