Bank of America Corp DE Has $18.81 Million Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Bank of America Corp DE reduced its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 60.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 225,148 shares of the financial services provider's stock after selling 351,097 shares during the period. Bank of America Corp DE owned about 0.20% of Western Alliance Bancorporation worth $18,809,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in WAL. SBI Securities Co. Ltd. bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its stake in shares of Western Alliance Bancorporation by 56.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Western Alliance Bancorporation by 70.1% in the fourth quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock worth $28,000 after acquiring an additional 136 shares during the last quarter. Allworth Financial LP raised its stake in shares of Western Alliance Bancorporation by 115.6% in the fourth quarter. Allworth Financial LP now owns 401 shares of the financial services provider's stock worth $37,000 after acquiring an additional 215 shares during the last quarter. Finally, Atala Financial Inc bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth about $44,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Trading Down 0.9%

Shares of WAL traded down $0.68 on Monday, reaching $71.56. 481,700 shares of the company's stock were exchanged, compared to its average volume of 1,227,333. Western Alliance Bancorporation has a 12 month low of $56.70 and a 12 month high of $98.10. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $7.90 billion, a P/E ratio of 10.08, a price-to-earnings-growth ratio of 0.63 and a beta of 1.30. The business has a 50 day moving average price of $71.51 and a two-hundred day moving average price of $81.49.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. The firm had revenue of $790.10 million during the quarter, compared to the consensus estimate of $792.25 million. During the same quarter in the prior year, the firm earned $1.72 earnings per share. Research analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, May 15th. Western Alliance Bancorporation's payout ratio is presently 20.85%.

Analysts Set New Price Targets

WAL has been the subject of a number of research analyst reports. Piper Sandler boosted their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Barclays dropped their target price on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada dropped their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Stephens reaffirmed an "overweight" rating and issued a $92.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Finally, Truist Financial assumed coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, May 13th. They set a "buy" rating and a $92.00 price target for the company. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and an average target price of $97.77.

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.