Generate Investment Management Ltd Buys 74,823 Shares of Western Alliance Bancorporation (NYSE:WAL)

Generate Investment Management Ltd lifted its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 14.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 575,894 shares of the financial services provider’s stock after buying an additional 74,823 shares during the quarter. Western Alliance Bancorporation comprises about 2.1% of Generate Investment Management Ltd’s holdings, making the stock its 9th biggest holding. Generate Investment Management Ltd owned 0.52% of Western Alliance Bancorporation worth $36,178,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Chilton Capital Management LLC purchased a new stake in Western Alliance Bancorporation in the second quarter valued at $54,000. Natixis Advisors LLC lifted its holdings in shares of Western Alliance Bancorporation by 5.5% in the 2nd quarter. Natixis Advisors LLC now owns 291,390 shares of the financial services provider’s stock valued at $18,305,000 after purchasing an additional 15,108 shares during the last quarter. Picton Mahoney Asset Management boosted its position in shares of Western Alliance Bancorporation by 8,796.7% in the 2nd quarter. Picton Mahoney Asset Management now owns 133,450 shares of the financial services provider’s stock valued at $8,382,000 after purchasing an additional 131,950 shares during the period. Commonwealth Equity Services LLC grew its stake in Western Alliance Bancorporation by 12.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 10,295 shares of the financial services provider’s stock worth $647,000 after buying an additional 1,146 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Western Alliance Bancorporation by 114.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 903 shares of the financial services provider’s stock worth $57,000 after buying an additional 481 shares during the period. Institutional investors and hedge funds own 79.15% of the company’s stock.

Insider Activity

In other news, insider Stephen Russell Curley sold 5,070 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was 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 in the company, valued at $2,806,356.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the completion of the transaction, the insider now owns 36,718 shares in the company, valued at approximately $2,806,356.74. The disclosure for this sale can be found here. Insiders have sold 18,269 shares of company stock worth $1,452,472 over the last ninety days. 2.75% of the stock is currently owned by insiders.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $81.68 on Tuesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. Western Alliance Bancorporation has a one year low of $38.81 and a one year high of $83.23. The firm has a market capitalization of $8.99 billion, a P/E ratio of 11.91, a PEG ratio of 1.55 and a beta of 1.44. The company’s fifty day moving average is $73.14 and its two-hundred day moving average is $64.77.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.96 earnings per share. Analysts forecast that Western Alliance Bancorporation will post 7.4 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Friday, August 16th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Analysts Set New Price Targets

Several research firms have recently weighed in on WAL. Barclays increased their price objective on Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Piper Sandler lifted their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Truist Financial increased their target price on shares of Western Alliance Bancorporation from $74.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.27.

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.