683 Capital Management LLC Raises Holdings in 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 position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,000 shares of the financial services provider's stock after acquiring an additional 10,000 shares during the quarter. 683 Capital Management LLC owned about 0.10% of Western Alliance Bancorporation worth $8,451,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. EP Wealth Advisors LLC increased its holdings in shares of Western Alliance Bancorporation by 72.6% during the first quarter. EP Wealth Advisors LLC now owns 8,235 shares of the financial services provider's stock valued at $633,000 after acquiring an additional 3,465 shares in the last quarter. FJ Capital Management LLC increased its holdings in shares of Western Alliance Bancorporation by 824.8% during the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider's stock valued at $33,998,000 after acquiring an additional 394,660 shares in the last quarter. Oliver Luxxe Assets LLC increased its holdings in shares of Western Alliance Bancorporation by 6.9% during the first quarter. Oliver Luxxe Assets LLC now owns 51,086 shares of the financial services provider's stock valued at $3,925,000 after acquiring an additional 3,277 shares in the last quarter. AlphaQuest LLC increased its holdings in shares of Western Alliance Bancorporation by 34.7% during the first quarter. AlphaQuest LLC now owns 2,238 shares of the financial services provider's stock valued at $172,000 after acquiring an additional 577 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in shares of Western Alliance Bancorporation by 2.6% during the first quarter. Kestra Advisory Services LLC now owns 14,070 shares of the financial services provider's stock valued at $1,081,000 after acquiring an additional 360 shares in the last quarter. Institutional investors own 79.15% of the company's stock.

Insiders Place Their Bets

In other news, insider Tim R. Bruckner sold 2,500 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.68% of the company's stock.

Western Alliance Bancorporation Stock Performance

WAL stock traded down $0.67 during midday trading on Friday, hitting $90.68. The company's stock had a trading volume of 1,210,840 shares, compared to its average volume of 885,811. The stock's 50-day moving average price is $83.35 and its 200 day moving average price is $77.36. 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 has a 1 year low of $57.05 and a 1 year high of $98.10. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.63 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.The business had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. During the same quarter in the previous year, the firm earned $1.75 earnings per share. On average, equities analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed 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 of this dividend was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.7%. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WAL. Wells Fargo & Company decreased their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Monday, July 21st. Piper Sandler upped their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. JPMorgan Chase & Co. upped their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup reiterated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Finally, 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 price target for the company. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average 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.