Ariel Investments LLC Sells 16,413 Shares of Western Alliance Bancorporation $WAL

Key Points

• Ariel Investments LLC reduced its stake in Western Alliance Bancorporation by 3.2%, selling 16,413 shares, now holding 503,607 shares valued at approximately $38.69 million.
• Insider Tim R. Bruckner sold 2,500 shares at an average price of $83.91, reflecting a 9.17% decrease in his ownership.
• Western Alliance Bancorporation announced a dividend of $0.38 per share, representing a 1.7% yield, with a payout ratio of 19.97%.

Ariel Investments LLC cut its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 503,607 shares of the financial services provider's stock after selling 16,413 shares during the quarter. Ariel Investments LLC owned about 0.46% of Western Alliance Bancorporation worth $38,692,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. 683 Capital Management LLC raised its stake in Western Alliance Bancorporation by 10.0% during the first quarter. 683 Capital Management LLC now owns 110,000 shares of the financial services provider's stock valued at $8,451,000 after buying an additional 10,000 shares during the last quarter. EP Wealth Advisors LLC raised its stake in Western Alliance Bancorporation by 72.6% during the first quarter. EP Wealth Advisors LLC now owns 8,235 shares of the financial services provider's stock valued at $633,000 after buying an additional 3,465 shares during the last quarter. FJ Capital Management LLC raised its stake in Western Alliance Bancorporation by 824.8% during the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider's stock valued at $33,998,000 after buying an additional 394,660 shares during the last quarter. Oliver Luxxe Assets LLC raised its stake in Western Alliance Bancorporation by 6.9% during the first quarter. Oliver Luxxe Assets LLC now owns 51,086 shares of the financial services provider's stock valued at $3,925,000 after buying an additional 3,277 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in Western Alliance Bancorporation by 34.7% during the first quarter. AlphaQuest LLC now owns 2,238 shares of the financial services provider's stock valued at $172,000 after buying an additional 577 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. DA Davidson lifted their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" 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. JPMorgan Chase & Co. boosted their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. 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. Finally, Citigroup restated a "neutral" rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 26th. Twelve analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock traded down $0.67 during mid-day trading on Friday, reaching $90.68. 1,210,840 shares of the stock traded hands, compared to its average volume of 885,811. The stock has a market capitalization of $10.01 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.63 and a beta of 1.39. 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 12-month low of $57.05 and a 12-month high of $98.10. The business's 50-day moving average is $83.35 and its 200-day moving average is $77.36.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $838.58 million. During the same quarter in the prior year, the business earned $1.75 earnings per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

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

Insider Transactions at Western Alliance Bancorporation

In other 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 transaction, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.68% of the company's stock.

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.