Basswood Capital Management L.L.C. Takes $10.95 Million Position in Western Alliance Bancorporation $WAL

Basswood Capital Management L.L.C. purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 133,164 shares of the financial services provider's stock, valued at approximately $10,946,000. Basswood Capital Management L.L.C. owned 0.12% of Western Alliance Bancorporation as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of WAL. BlackRock Inc. bought a new position in Western Alliance Bancorporation during the 2nd quarter worth $926,898,000. Davis Asset Management L.P. acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth about $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at about $174,329,000. Norges Bank bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at about $125,482,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $101,995,000. Institutional investors own 79.15% of the company's stock.

Wall Street Analyst Weigh In

WAL has been the topic of a number of recent analyst reports. Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Truist Financial raised their price target on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "buy" rating in a report on Monday, July 27th. DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Western Alliance Bancorporation in a research note on Friday, August 21st. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $95.47.

Insider Activity at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the sale, the chief accounting officer owned 3,485 shares of the company's stock, valued at $282,285. This trade represents a 63.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.76% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Stock Up 0.0%

Shares of NYSE:WAL opened at $79.65 on Thursday. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. The business's 50-day moving average is $81.34 and its 200-day moving average is $79.90. The company has a market capitalization of $8.69 billion, a price-to-earnings ratio of 8.97, a P/E/G ratio of 0.77 and a beta of 1.34.

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

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued 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 is Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio is presently 18.92%.

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 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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