Alliancebernstein L.P. Has $14.21 Million Stock Position in Western Alliance Bancorporation $WAL

Key Points

• Alliancebernstein L.P. reduced its holdings in Western Alliance Bancorporation by 14.2%, selling 30,687 shares and ending the quarter with approximately 184,962 shares valued at $14.2 million.
• Insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation for a total of $209,775, decreasing their ownership by 9.17%.
• The company reported $2.07 EPS for the last quarter, exceeding analysts' expectations, with a revenue of $836.21 million compared to estimates of $838.58 million.

Alliancebernstein L.P. trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 14.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,962 shares of the financial services provider's stock after selling 30,687 shares during the period. Alliancebernstein L.P. owned approximately 0.17% of Western Alliance Bancorporation worth $14,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. HWG Holdings LP acquired a new position in Western Alliance Bancorporation during the first quarter valued at $25,000. Tsfg LLC acquired a new position in Western Alliance Bancorporation during the first quarter valued at $33,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Western Alliance Bancorporation in the 1st quarter worth about $58,000. National Bank of Canada FI increased its position in 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 worth $59,000 after purchasing an additional 141 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Western Alliance Bancorporation by 91.5% in the 1st 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. 79.15% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm'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 completion of the sale, the insider directly owned 24,759 shares of the company's stock, valued at $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 available at this hyperlink. 2.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WAL. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. Industrial Alliance Securities set a $104.00 target price on Western Alliance Bancorporation in a research report on Tuesday, August 26th. Barclays upped their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Finally, Truist Financial dropped their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock traded up $1.48 during mid-day trading on Wednesday, reaching $88.79. The stock had a trading volume of 1,368,177 shares, compared to its average volume of 989,399. The firm's 50 day simple moving average is $84.21 and its 200 day simple moving average is $77.42. 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 one year low of $57.05 and a one year high of $98.10. The firm has a market cap of $9.80 billion, a PE ratio of 11.67, a P/E/G ratio of 0.60 and a beta of 1.39.

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

Western Alliance Bancorporation Announces Dividend

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

Western Alliance Bancorporation Company Profile

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.