M&T Bank Corp Buys 460 Shares of Western Alliance Bancorporation (NYSE:WAL)

M&T Bank Corp raised its position in Western Alliance Bancorporation (NYSE:WAL) by 8.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 5,626 shares of the financial services provider’s stock after buying an additional 460 shares during the period. M&T Bank Corp’s holdings in Western Alliance Bancorporation were worth $487,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp boosted its holdings in Western Alliance Bancorporation by 46.2% in the third quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after acquiring an additional 1,418,472 shares during the last quarter. FMR LLC boosted its stake in shares of Western Alliance Bancorporation by 93.3% in the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after purchasing an additional 1,347,921 shares during the last quarter. LHM Inc. boosted its stake in shares of Western Alliance Bancorporation by 2,141.1% in the 2nd quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after purchasing an additional 723,995 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Western Alliance Bancorporation by 20.6% during 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 buying an additional 636,577 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after buying an additional 506,778 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Down 3.1 %

WAL stock opened at $88.27 on Wednesday. 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 $9.72 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.41 and a beta of 1.45. Western Alliance Bancorporation has a fifty-two week low of $53.75 and a fifty-two week high of $98.10. The business has a 50-day moving average of $89.32 and a 200-day moving average of $79.12.

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

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a dividend of $0.38 per share. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.72%. Western Alliance Bancorporation’s dividend payout ratio is presently 23.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WAL. Piper Sandler reduced their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. dropped their price objective on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Barclays upped their price target on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $101.00 in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and an average target price of $94.75.

Western Alliance Bancorporation 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.