Exchange Traded Concepts LLC Trims Stake in Western Alliance Bancorporation (NYSE:WAL)

Exchange Traded Concepts LLC cut its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 21.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,049 shares of the financial services provider’s stock after selling 4,103 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Western Alliance Bancorporation were worth $1,257,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at about $298,000. Perpetual Ltd acquired a new position in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $223,000. Crossmark Global Holdings Inc. boosted its position in shares of Western Alliance Bancorporation by 6.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 5,796 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 331 shares during the period. Diversify Wealth Management LLC acquired a new stake in Western Alliance Bancorporation in the 4th quarter valued at approximately $471,000. Finally, Delta Capital Management LLC purchased a new stake in Western Alliance Bancorporation in the fourth quarter valued at approximately $213,000. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Trading Up 2.1 %

WAL opened at $94.06 on Tuesday. The business’s 50-day simple moving average is $88.03 and its 200-day simple moving average is $83.91. The company has a market cap of $10.35 billion, a P/E ratio of 14.51, a PEG ratio of 0.88 and a beta of 1.46. Western Alliance Bancorporation has a one year low of $53.75 and a one year high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. As a group, equities research analysts expect that Western Alliance Bancorporation will post 7.11 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.62%. The ex-dividend date was Friday, November 15th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio is currently 23.46%.

Analysts Set New Price Targets

WAL has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $101.00 in a research note on Monday, October 7th. Royal Bank of Canada set a $99.00 price target on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a research note on Friday, October 18th. UBS Group assumed coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They issued a “buy” rating and a $115.00 price objective for the company. Stephens reaffirmed an “overweight” rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Finally, Truist Financial decreased their price target on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average target price of $94.31.

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.