Ameriprise Financial Inc. Grows Position in Western Alliance Bancorporation $WAL

Key Points

• Ameriprise Financial Inc. increased its holdings in Western Alliance Bancorporation by 33.8%, now owning approximately 0.43% of the company, valued at $36.56 million.
• Western Alliance Bancorporation recently reported an EPS of $2.07 for the quarter, exceeding estimates, with revenue slightly below forecasts at $836.21 million.
• The stock has received positive ratings from multiple analysts, with an average price target of $97.79, indicating strong buying interest in the financial services provider.

Ameriprise Financial Inc. grew its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 33.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 475,935 shares of the financial services provider's stock after purchasing an additional 120,105 shares during the quarter. Ameriprise Financial Inc. owned about 0.43% of Western Alliance Bancorporation worth $36,562,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. National Bank of Canada FI lifted its position in Western Alliance Bancorporation by 22.7% during the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after buying an additional 141 shares in the last quarter. MidWestOne Financial Group Inc. raised its holdings in shares of Western Alliance Bancorporation by 0.6% during the 4th quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock worth $2,226,000 after acquiring an additional 160 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Western Alliance Bancorporation by 5.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after acquiring an additional 166 shares during the last quarter. D.A. Davidson & CO. grew its holdings in shares of Western Alliance Bancorporation by 2.9% in the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock valued at $465,000 after purchasing an additional 169 shares during the period. Finally, Crossmark Global Holdings Inc. grew its holdings in shares of Western Alliance Bancorporation by 3.4% in the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock valued at $460,000 after purchasing an additional 197 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the transaction, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. This represents a 9.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.68% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Jefferies Financial Group started coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price objective on the stock. JPMorgan Chase & Co. upped their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Barclays raised their price objective 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. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a research report on Tuesday. Finally, Industrial Alliance Securities set a $104.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and an average price target of $97.79.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $89.64 on Friday. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 0.62 and a beta of 1.33. 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 business has a 50-day moving average of $81.98 and a 200 day moving average of $77.31. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.04 by $0.03. The company had revenue of $836.21 million during the quarter, compared to analysts' expectations 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 quarter last year, the company posted $1.75 EPS. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were issued a $0.38 dividend. The ex-dividend date was 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 is presently 19.97%.

Western Alliance Bancorporation 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.

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