CIBC Asset Management Inc Purchases New Shares in Western Alliance Bancorporation (NYSE:WAL)

CIBC Asset Management Inc bought a new stake in Western Alliance Bancorporation (NYSE:WAL) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,220 shares of the financial services provider’s stock, valued at approximately $278,000.

A number of other institutional investors have also bought and sold shares of the business. KBC Group NV lifted its holdings in shares of Western Alliance Bancorporation by 15.2% in the 3rd quarter. KBC Group NV now owns 2,779 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 367 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Western Alliance Bancorporation by 25.4% during the third quarter. Victory Capital Management Inc. now owns 18,101 shares of the financial services provider’s stock worth $1,566,000 after purchasing an additional 3,662 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $254,000. WCM Investment Management LLC raised its holdings in Western Alliance Bancorporation by 1.5% during the third quarter. WCM Investment Management LLC now owns 274,028 shares of the financial services provider’s stock worth $23,451,000 after purchasing an additional 4,003 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in Western Alliance Bancorporation by 575.1% in the third quarter. Venturi Wealth Management LLC now owns 3,031 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 2,582 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WAL has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Barclays lifted their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Truist Financial lowered their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were 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 owns 7,977 shares in the company, valued at approximately $650,843.43. This trade represents a 58.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction 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 in the company, valued at approximately $335,634. This represents a 42.48 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $93.65 on Friday. The business has a 50-day moving average of $86.81 and a two-hundred day moving average of $75.52. Western Alliance Bancorporation has a fifty-two week low of $47.60 and a fifty-two week high of $96.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The stock has a market capitalization of $10.31 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.40 and a beta of 1.44.

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 the consensus estimate of $1.90 by ($0.10). The business had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, equities research analysts predict that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, November 15th. Western Alliance Bancorporation’s payout ratio is 23.46%.

About Western Alliance Bancorporation

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.