37,247 Shares in Western Alliance Bancorporation $WAL Purchased by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC bought a new stake in Western Alliance Bancorporation, purchasing 37,247 shares valued at about $3.13 million in the fourth quarter.
• Institutional ownership in WAL remains heavy, with hedge funds and other investors holding 79.15% of the company’s stock. Several firms also increased their positions, including Barrow Hanley, M&T Bank Corp, and Bank of Montreal.
• Western Alliance reported strong quarterly results, posting $2.22 EPS versus expectations of $1.48 and revenue of $968.4 million, while analysts currently maintain a Moderate Buy consensus with a target price of $92.93.

Intech Investment Management LLC purchased a new position in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 37,247 shares of the financial services provider's stock, valued at approximately $3,131,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WAL. Barrow Hanley Mewhinney & Strauss LLC grew its position in Western Alliance Bancorporation by 36.5% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider's stock worth $518,578,000 after acquiring an additional 1,599,537 shares in the last quarter. M&T Bank Corp grew its position in Western Alliance Bancorporation by 7,920.9% in the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider's stock worth $26,535,000 after acquiring an additional 311,689 shares in the last quarter. Bank of Montreal Can grew its position in Western Alliance Bancorporation by 35.8% in the third quarter. Bank of Montreal Can now owns 1,179,518 shares of the financial services provider's stock worth $102,288,000 after acquiring an additional 310,826 shares in the last quarter. Russell Investments Group Ltd. grew its position in Western Alliance Bancorporation by 750.8% in the third quarter. Russell Investments Group Ltd. now owns 287,403 shares of the financial services provider's stock worth $25,019,000 after acquiring an additional 253,622 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its position in shares of Western Alliance Bancorporation by 19.2% during the second quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider's stock valued at $111,921,000 after buying an additional 231,159 shares during the period. Hedge funds and other institutional investors own 79.15% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on WAL shares. Jefferies Financial Group restated an "overweight" rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. Citigroup dropped their target price on Western Alliance Bancorporation from $103.00 to $96.00 and set a "buy" rating for the company in a research report on Tuesday, April 28th. Wells Fargo & Company upgraded Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and dropped their target price for the company from $83.00 to $79.00 in a research report on Monday, March 9th. UBS Group boosted their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Finally, Piper Sandler dropped their target price on Western Alliance Bancorporation from $94.00 to $92.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $92.93.

Western Alliance Bancorporation Stock Down 1.5%

Shares of NYSE WAL opened at $78.45 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.86. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of 9.13, a PEG ratio of 0.61 and a beta of 1.34. The stock has a 50 day moving average price of $76.40 and a 200 day moving average price of $81.71. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.48 by $0.74. The firm had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.Western Alliance Bancorporation's quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.79 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation's payout ratio is 19.56%.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company's core offerings include deposit products, treasury management and a variety of lending services.

Want to see what other hedge funds are holding WAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Alliance Bancorporation (NYSE:WAL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.