Algert Global LLC Lowers Holdings in Western Alliance Bancorporation $WAL

Key Points

• Algert Global LLC has significantly reduced its stake in Western Alliance Bancorporation by 60.4%, now holding 38,023 shares after selling 58,000 shares during the first quarter.
• Despite Algert's reduction, several other large investors have either increased their stakes or initiated new positions, with 79.15% of the company's stock currently owned by institutional investors.
• Western Alliance Bancorporation recently reported quarterly earnings of $2.07 EPS, exceeding estimates, and announced a quarterly dividend of $0.38 per share, yielding 1.8%.

Algert Global LLC decreased its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 60.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,023 shares of the financial services provider's stock after selling 58,000 shares during the quarter. Algert Global LLC's holdings in Western Alliance Bancorporation were worth $2,921,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. HWG Holdings LP purchased a new position in Western Alliance Bancorporation during the first quarter valued at $25,000. Tsfg LLC purchased a new position in Western Alliance Bancorporation during the first quarter valued at $33,000. National Bank of Canada FI raised its stake in shares of Western Alliance Bancorporation by 22.7% in the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after purchasing an additional 141 shares during the last quarter. UMB Bank n.a. raised its stake in shares of 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 worth $78,000 after purchasing an additional 482 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Western Alliance Bancorporation by 144.5% in the first quarter. Larson Financial Group LLC now owns 1,714 shares of the financial services provider's stock worth $132,000 after purchasing an additional 1,013 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $82.4720 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The firm has a market capitalization of $9.10 billion, a P/E ratio of 10.84, a PEG ratio of 0.57 and a beta of 1.33. The business has a fifty day moving average of $79.87 and a 200 day moving average of $77.35.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 EPS 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 company had revenue of $836.21 million during the quarter, compared to analyst estimates of $838.58 million. During the same quarter in the previous year, the company posted $1.75 earnings per share. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. 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 research note on Monday, July 21st. Piper Sandler boosted their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Finally, Truist Financial decreased their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the sale, the insider owned 24,759 shares in the company, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.68% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.