Allianz SE Takes $340,000 Position in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Allianz SE purchased 4,431 shares of Western Alliance Bancorporation, valued at approximately $340,000, during the first quarter of this year.
• Insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation, resulting in a 9.17% decrease in his position, leaving him with shares valued at around $2.08 million.
• Western Alliance Bancorporation reported $2.07 EPS for the latest quarter, slightly exceeding expectations, and has an average target price of $96.62 according to analysts.

Allianz SE purchased a new stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,431 shares of the financial services provider's stock, valued at approximately $340,000.

Several other large investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in Western Alliance Bancorporation by 33.3% in the 4th quarter. JPMorgan Chase & Co. now owns 254,902 shares of the financial services provider's stock worth $21,295,000 after purchasing an additional 63,714 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Western Alliance Bancorporation by 5.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 14,111 shares of the financial services provider's stock worth $1,179,000 after buying an additional 742 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of Western Alliance Bancorporation by 14.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,965 shares of the financial services provider's stock valued at $916,000 after acquiring an additional 1,393 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Western Alliance Bancorporation by 12.2% during the 4th quarter. Alliancebernstein L.P. now owns 215,649 shares of the financial services provider's stock valued at $18,015,000 after acquiring an additional 23,374 shares during the period. Finally, Franklin Resources Inc. grew its position in Western Alliance Bancorporation by 16.8% during the 4th quarter. Franklin Resources Inc. now owns 367,985 shares of the financial services provider's stock worth $30,741,000 after acquiring an additional 53,013 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Down 1.4%

WAL traded down $1.08 during midday trading on Wednesday, reaching $77.72. The company's stock had a trading volume of 917,834 shares, compared to its average volume of 1,112,147. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock's 50-day moving average is $78.12 and its 200-day moving average is $77.98. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.54 and a beta of 1.33.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.03. The firm had revenue of $836.21 million during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $1.75 EPS. As a group, research analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Thursday, August 14th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WAL shares. Royal Bank Of Canada cut their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. DA Davidson boosted their price objective on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Citigroup increased their target price on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Truist Financial reduced their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Finally, Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction on 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 of the company's stock, 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 Securities & Exchange Commission, which is accessible through this link. 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.