Glenmede Trust Co. NA Sells 4,669 Shares of Western Alliance Bancorporation (NYSE:WAL)

Glenmede Trust Co. NA reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 1.5% during the third quarter, Holdings Channel reports. The firm owned 311,986 shares of the financial services provider’s stock after selling 4,669 shares during the period. Glenmede Trust Co. NA’s holdings in Western Alliance Bancorporation were worth $26,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $31,000. ORG Wealth Partners LLC bought a new stake in Western Alliance Bancorporation during the third quarter worth $33,000. UMB Bank n.a. boosted its position in Western Alliance Bancorporation by 136.8% in the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 249 shares during the last quarter. Blue Trust Inc. boosted its position in Western Alliance Bancorporation by 58.4% in the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 187 shares during the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $36,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the sale, the director now owns 4,056 shares of the company’s stock, valued at $335,634. The trade was a 42.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on WAL shares. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. cut their target price on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Wells Fargo & Company boosted their price objective on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Piper Sandler cut their price target on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $101.00 in a research report on Monday, October 7th. One research 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. According to data from MarketBeat.com, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and a consensus target price of $92.73.

Western Alliance Bancorporation Trading Down 0.6 %

NYSE WAL opened at $93.50 on Thursday. 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 has a fifty-two week low of $47.60 and a fifty-two week high of $98.10. The stock has a market cap of $10.29 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.51 and a beta of 1.44. The stock has a 50 day simple moving average of $87.47 and a two-hundred day simple moving average of $76.26.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The business had revenue of $833.10 million during the quarter, compared to analysts’ expectations of $811.40 million. On average, analysts forecast that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.63%. Western Alliance Bancorporation’s dividend 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.