DNB Asset Management AS Grows Holdings in Western Alliance Bancorporation (NYSE:WAL)

DNB Asset Management AS grew its stake in Western Alliance Bancorporation (NYSE:WAL) by 1.0% during the second quarter, Holdings Channel.com reports. The fund owned 161,155 shares of the financial services provider’s stock after acquiring an additional 1,560 shares during the period. DNB Asset Management AS’s holdings in Western Alliance Bancorporation were worth $10,124,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Western Alliance Bancorporation during the 1st quarter worth approximately $27,000. GAMMA Investing LLC grew its holdings in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $65,000. Parkside Financial Bank & Trust grew its holdings in Western Alliance Bancorporation by 49.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,402 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 462 shares in the last quarter. Finally, Plato Investment Management Ltd grew its holdings in Western Alliance Bancorporation by 246.1% during the 1st quarter. Plato Investment Management Ltd now owns 1,883 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 1,339 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Price Performance

NYSE WAL traded down $0.37 during trading hours on Tuesday, reaching $72.95. The company’s stock had a trading volume of 1,089,902 shares, compared to its average volume of 1,251,307. The stock has a market cap of $8.03 billion, a PE ratio of 10.89, a PEG ratio of 1.39 and a beta of 1.45. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $82.48. The company’s 50-day moving average is $66.14 and its two-hundred day moving average is $62.70. 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 (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The firm had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.96 EPS. Analysts forecast that Western Alliance Bancorporation will post 7.36 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, August 16th. This represents a $1.48 annualized dividend and a dividend yield of 2.03%. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The disclosure for this sale can be found here. Insiders have sold 8,186 shares of company stock valued at $612,410 in the last ninety days. Insiders own 2.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WAL shares. Barclays upped their target price on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Royal Bank of Canada upped their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Piper Sandler upped their target price on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Hovde Group started coverage on shares of Western Alliance Bancorporation in a report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price for the company. Finally, Truist Financial upped their target price on shares of Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $84.27.

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.