Covestor Ltd Grows Holdings in Western Alliance Bancorporation (NYSE:WAL)

Covestor Ltd grew its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 167.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 634 shares of the financial services provider’s stock after buying an additional 397 shares during the quarter. Covestor Ltd’s holdings in Western Alliance Bancorporation were worth $55,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WAL. Vanguard Group Inc. lifted its stake in Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after purchasing an additional 395,101 shares during the last quarter. M&G Plc lifted its position in Western Alliance Bancorporation by 12.4% in the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock worth $8,421,000 after buying an additional 14,734 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Western Alliance Bancorporation by 1.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock worth $102,603,000 after buying an additional 20,254 shares in the last quarter. First Hawaiian Bank bought a new position in Western Alliance Bancorporation during the second quarter valued at approximately $474,000. Finally, Bank of Montreal Can raised its stake in shares of Western Alliance Bancorporation by 41.4% during the second quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock worth $37,475,000 after acquiring an additional 174,682 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

Insider Activity at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the transaction, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. This represents a 42.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 58.15 % decrease in their position. The disclosure for this sale can be found here. 2.75% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WAL has been the topic of several recent research reports. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Piper Sandler cut their target price on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $101.00 in a research report on Monday, October 7th. Finally, Barclays raised their price target on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.73.

Western Alliance Bancorporation Price Performance

WAL opened at $91.87 on Friday. Western Alliance Bancorporation has a 12-month low of $47.54 and a 12-month high of $96.45. The company has a market cap of $10.11 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.46 and a beta of 1.44. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a fifty day simple moving average of $85.30 and a two-hundred day simple moving average of $74.10.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The business had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. Research analysts predict that Western Alliance Bancorporation will post 7.13 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.38 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.65%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio is presently 22.84%.

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 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.