Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 60.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 0.20% of Western Alliance Bancorporation worth $18,809,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC increased its position in Western Alliance Bancorporation by 3.8% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,114 shares of the financial services provider's stock worth $260,000 after purchasing an additional 114 shares during the period. Smartleaf Asset Management LLC grew its holdings in Western Alliance Bancorporation by 56.0% during 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 period. Fifth Third Bancorp raised its position in 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 in the last quarter. Pacer Advisors Inc. lifted its holdings in Western Alliance Bancorporation by 1.0% in the fourth quarter. Pacer Advisors Inc. now owns 16,263 shares of the financial services provider's stock valued at $1,359,000 after acquiring an additional 163 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Western Alliance Bancorporation by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,387 shares of the financial services provider's stock worth $283,000 after purchasing an additional 167 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on WAL shares. Wells Fargo & Company lowered their price target on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday. They set a "buy" rating and a $95.00 target price on the stock. 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 report on Wednesday, April 23rd. Truist Financial began coverage on Western Alliance Bancorporation in a report on Tuesday, May 13th. They issued a "buy" rating and a $92.00 price target on the stock. Finally, DA Davidson dropped their price objective on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.77.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded down $0.68 during mid-day trading on Friday, hitting $71.56. 481,700 shares of the company were exchanged, compared to its average volume of 1,224,786. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The business's 50 day simple moving average is $71.62 and its two-hundred day simple moving average is $81.78. The company has a market capitalization of $7.90 billion, a P/E ratio of 10.08, a PEG ratio of 0.63 and a beta of 1.30. Western Alliance Bancorporation has a 12-month low of $56.70 and a 12-month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.01. The company had revenue of $790.10 million during the quarter, compared to the consensus estimate of $792.25 million. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same quarter last year, the business posted $1.72 earnings per share. Analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

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

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.