683 Capital Management LLC Buys 10,000 Shares of Western Alliance Bancorporation $WAL

Key Points

• 683 Capital Management LLC increased its stake in Western Alliance Bancorporation by 10.0% to 110,000 shares, valuing their investment at $8.45 million.
• Western Alliance Bancorporation reported $2.07 earnings per share for the latest quarter, surpassing analyst expectations, and revealed an annualized dividend of $1.52 with a yield of 1.7%.
• Analysts have mixed predictions for Western Alliance Bancorporation, with target prices ranging from $85.00 to $105.00 and an average rating of "Moderate Buy".

683 Capital Management LLC grew its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 10.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 110,000 shares of the financial services provider's stock after purchasing an additional 10,000 shares during the period. 683 Capital Management LLC owned approximately 0.10% of Western Alliance Bancorporation worth $8,451,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. HWG Holdings LP purchased a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $25,000. Tsfg LLC acquired a new position in Western Alliance Bancorporation during the first quarter worth approximately $33,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Western Alliance Bancorporation during the first quarter worth approximately $58,000. National Bank of Canada FI boosted its holdings in shares of Western Alliance Bancorporation by 22.7% in the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 141 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in Western Alliance Bancorporation by 91.5% in the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $78,000 after buying an additional 482 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the transaction, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.68% of the company's stock.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded down $0.67 during trading hours on Friday, hitting $90.68. 1,210,840 shares of the company traded hands, compared to its average volume of 885,811. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The firm has a market cap of $10.01 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.63 and a beta of 1.39. The firm's 50-day simple moving average is $83.35 and its two-hundred day simple moving average is $77.25. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The company had revenue of $836.21 million during the quarter, compared to analyst estimates of $838.58 million. During the same period in the prior year, the business posted $1.75 EPS. As a group, analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were given a $0.38 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.7%. Western Alliance Bancorporation's payout ratio is 19.97%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WAL shares. Citigroup reiterated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Wells Fargo & Company cut their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a report on Monday, July 21st. Jefferies Financial Group began coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a "buy" rating and a $95.00 target price for the company. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, Piper Sandler upped their price target on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.79.

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.