Assenagon Asset Management S.A. Buys New Shares in Western Alliance Bancorporation $WAL

Key Points

• Assenagon Asset Management acquired 594,572 shares of Western Alliance Bancorporation valued at approximately $44.7 million, giving it a 0.54% stake. Institutional investors collectively own 79.15% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $92.18, despite several recent target-price reductions.
• Western Alliance reported $2.36 in quarterly EPS and $995.7 million in revenue, with revenue up 17.7% year over year. The company also pays a quarterly dividend of $0.42, equivalent to a 2.3% annual yield.

Assenagon Asset Management S.A. purchased a new stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 594,572 shares of the financial services provider's stock, valued at approximately $44,652,000. Assenagon Asset Management S.A. owned approximately 0.54% of Western Alliance Bancorporation at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. BlackRock Inc. acquired a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $926,898,000. Davis Asset Management L.P. acquired a new stake in shares of Western Alliance Bancorporation in the second quarter worth $274,219,000. Dimensional Fund Advisors LP raised its holdings in shares of Western Alliance Bancorporation by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider's stock worth $270,203,000 after purchasing an additional 36,534 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Western Alliance Bancorporation during the second quarter worth $174,329,000. Finally, Jupiter Topco LLC acquired a new position in Western Alliance Bancorporation during the second quarter valued at $101,995,000. Institutional investors and hedge funds own 79.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the company an "overweight" rating 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 Thursday, October 8th. JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $93.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, October 1st. Truist Financial reduced their price target on Western Alliance Bancorporation from $93.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Finally, Citigroup reduced their price target on Western Alliance Bancorporation from $98.00 to $95.00 and set a "buy" rating for the company in a research report on Tuesday, September 22nd. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $92.18.

Western Alliance Bancorporation Price Performance

NYSE:WAL opened at $74.57 on Friday. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $8.14 billion, a PE ratio of 8.40, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42. The stock's 50-day moving average price is $78.14 and its 200-day moving average price is $79.03.

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 for the quarter, meeting the consensus estimate of $2.36. The firm had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%. Western Alliance Bancorporation's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.07 EPS. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.06 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.3%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.92%.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Western Alliance Bank, provides commercial and consumer banking services to businesses, institutions, entrepreneurs and individuals.

The company offers a range of financial products and services, including commercial and industrial loans, commercial real estate lending, residential mortgage warehouse financing, deposit accounts, treasury management, digital banking, payment services and personal banking products.

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