Bank of America Corp DE Purchases Shares of 1,179,771 Western Alliance Bancorporation $WAL

Key Points

• Bank of America acquired 1,179,771 shares of Western Alliance Bancorporation in the second quarter, valued at approximately $97 million and representing a 1.08% stake.
• Western Alliance reported second-quarter EPS of $2.36, matching analyst expectations, while revenue of $995.7 million exceeded estimates and rose 17.7% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $95.47; the company also pays a quarterly dividend of $0.42 per share, yielding about 2.1%.

Bank of America Corp DE purchased a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,179,771 shares of the financial services provider's stock, valued at approximately $96,977,000. Bank of America Corp DE owned 1.08% of Western Alliance Bancorporation at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Western Alliance Bancorporation in the 2nd quarter worth about $26,000. Clearstead Advisors LLC raised its position in shares of Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock valued at $35,000 after buying an additional 243 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Western Alliance Bancorporation by 86.0% in the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock valued at $40,000 after buying an additional 259 shares during the period. Compound Global Advisors LLC bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at approximately $41,000. Finally, Leonteq Securities AG acquired a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth $44,000. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $78.54 on Friday. The stock has a market cap of $8.57 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 0.77 and a beta of 1.33. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The company's fifty day moving average is $80.73 and its 200 day moving average is $78.48. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.36. The business 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 period last year, the company earned $2.07 EPS. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 18.92%.

Analysts Set New Price Targets

Several equities analysts have recently commented on WAL shares. DA Davidson set a $36.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, July 22nd. Piper Sandler raised their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a report on Friday, July 24th. TD Cowen lifted their price target on Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a "hold" rating in a research note on Monday, July 27th. Mizuho set a $96.00 price target on Western Alliance Bancorporation 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. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.47.

About Western Alliance Bancorporation

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 and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners' associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.

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