Brooklyn Investment Group Purchases New Shares in Western Alliance Bancorporation (NYSE:WAL)

Brooklyn Investment Group bought a new position in shares of Western Alliance Bancorporation (NYSE:WAL) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 995 shares of the financial services provider’s stock, valued at approximately $86,000.

A number of other institutional investors also recently modified their holdings of WAL. Dimensional Fund Advisors LP raised its stake in Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after purchasing an additional 636,577 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Western Alliance Bancorporation by 0.7% in the second quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock valued at $176,764,000 after buying an additional 20,876 shares in the last quarter. FMR LLC boosted its stake in shares of Western Alliance Bancorporation by 93.3% in the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after buying an additional 1,347,921 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Western Alliance Bancorporation by 10.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,802,505 shares of the financial services provider’s stock worth $155,899,000 after buying an additional 169,244 shares in the last quarter. Finally, Smead Capital Management Inc. increased its stake in Western Alliance Bancorporation by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 1,350,195 shares of the financial services provider’s stock worth $116,778,000 after acquiring an additional 45,543 shares during the period. Institutional investors own 79.15% of the company’s stock.

Insider Activity

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Down 0.6 %

Shares of NYSE WAL opened at $93.50 on Friday. The company has a 50 day simple moving average of $87.57 and a 200 day simple moving average of $76.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 1 year low of $47.60 and a 1 year high of $98.10. The firm has a market cap of $10.29 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.47 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 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 analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, research analysts forecast that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, November 15th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s payout ratio is 23.46%.

Analyst Ratings Changes

Several research firms have recently issued reports on WAL. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Barclays raised their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Wedbush upped their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $92.73.

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.