Arrowstreet Capital Limited Partnership Has $4.93 Million Stock Holdings in Western Alliance Bancorporation $WAL

Key Points

• Arrowstreet Capital increased its Western Alliance Bancorporation stake by 51.4% in the first quarter, holding 69,659 shares valued at approximately $4.93 million. Institutional investors collectively own 79.15% of WAL.
• Western Alliance reported quarterly EPS of $2.36, in line with estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year.
• Analysts maintain a favorable outlook, with an average “Moderate Buy” rating and a consensus price target of $94.82; the company also announced a quarterly dividend of $0.42 per share.

Arrowstreet Capital Limited Partnership grew its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 51.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 69,659 shares of the financial services provider's stock after purchasing an additional 23,634 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Western Alliance Bancorporation worth $4,935,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Clearstead Advisors LLC raised its stake in Western Alliance Bancorporation by 144.6% during the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after acquiring an additional 243 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at approximately $38,000. Leonteq Securities AG acquired a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $44,000. V Square Quantitative Management LLC acquired a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $45,000. Finally, Allworth Financial LP lifted its stake in Western Alliance Bancorporation by 39.3% in the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 157 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Insiders Place Their Bets

In related news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at $282,285. This represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on WAL shares. Piper Sandler raised their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Weiss Ratings upgraded Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. raised their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Finally, Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.82.

Western Alliance Bancorporation Stock Up 2.9%

NYSE:WAL opened at $82.86 on Tuesday. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.80. The company has a market cap of $9.05 billion, a PE ratio of 9.33, a P/E/G ratio of 0.78 and a beta of 1.34. The firm's 50 day simple moving average is $81.08 and its 200 day simple moving average is $80.89.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.36. The firm had revenue of $995.70 million during the quarter, compared to analysts' expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The company's revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.07 EPS. On average, research analysts anticipate that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation's payout ratio is currently 18.92%.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company's core offerings include deposit products, treasury management and a variety of lending services.

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