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 position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 60.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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.

Several other hedge funds have also recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC UT raised its holdings in Western Alliance Bancorporation by 3.2% in the first quarter. Alliance Wealth Advisors LLC UT now owns 8,148 shares of the financial services provider's stock valued at $626,000 after acquiring an additional 256 shares in the last quarter. Gator Capital Management LLC raised its holdings in Western Alliance Bancorporation by 29.1% in the first quarter. Gator Capital Management LLC now owns 90,979 shares of the financial services provider's stock valued at $6,990,000 after acquiring an additional 20,509 shares in the last quarter. Kovitz Investment Group Partners LLC raised its holdings in Western Alliance Bancorporation by 24.7% in the first quarter. Kovitz Investment Group Partners LLC now owns 19,698 shares of the financial services provider's stock valued at $1,513,000 after acquiring an additional 3,900 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Western Alliance Bancorporation in the first quarter valued at approximately $689,000. Finally, Russell Investments Group Ltd. raised its holdings in Western Alliance Bancorporation by 16.8% in the first quarter. Russell Investments Group Ltd. now owns 34,078 shares of the financial services provider's stock valued at $2,618,000 after acquiring an additional 4,895 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL traded up $1.30 during mid-day trading on Tuesday, reaching $88.14. 793,077 shares of the company's stock were exchanged, compared to its average volume of 935,939. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a market capitalization of $9.73 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 0.60 and a beta of 1.33. The business's fifty day simple moving average is $80.99 and its 200-day simple moving average is $77.21. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10.

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

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 19.97%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WAL. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. raised their target price on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Industrial Alliance Securities set a $104.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Finally, Truist Financial cut their price objective on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $97.79.

Insider Activity

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares in the company, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.75% of the company's stock.

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.