Canada Pension Plan Investment Board Buys New Stake in Western Alliance Bancorporation $WAL

Key Points

• Canada Pension Plan Investment Board purchased 27,500 shares of Western Alliance Bancorporation worth approximately $2.26 million in the second quarter. Institutional investors now own 79.15% of the company.
• Western Alliance reported quarterly earnings of $2.36 per share, in line with estimates, while revenue reached $995.7 million—up 17.7% year over year. The bank also declared a quarterly dividend of $0.42 per share, representing a 2.1% yield.
• Analysts maintain a generally positive view, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $95.47 versus the stock’s $78.72 opening price.

Canada Pension Plan Investment Board purchased a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 27,500 shares of the financial services provider's stock, valued at approximately $2,260,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Legal & General Group Plc purchased a new position in shares of Western Alliance Bancorporation during the second quarter valued at about $11,168,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Western Alliance Bancorporation in the second quarter worth about $6,829,000. Algert Global LLC lifted its position in shares of Western Alliance Bancorporation by 15.1% in the second quarter. Algert Global LLC now owns 336,109 shares of the financial services provider's stock worth $27,628,000 after buying an additional 43,973 shares in the last quarter. Cibc World Market Inc. bought a new position in Western Alliance Bancorporation during the second quarter valued at approximately $2,096,000. Finally, Sanctuary Advisors LLC bought a new position in Western Alliance Bancorporation during the second quarter valued at approximately $910,000. Institutional investors own 79.15% of the company's stock.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction 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 transaction, the chief accounting officer directly owned 3,485 shares of the company's stock, valued at $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.76% of the stock is currently owned by corporate insiders.

Western Alliance Bancorporation Trading Up 0.2%

Shares of WAL stock opened at $78.72 on Monday. 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 stock's 50 day simple moving average is $81.29 and its two-hundred day simple moving average is $79.66. The company has a market cap of $8.59 billion, a PE ratio of 8.86, a price-to-earnings-growth ratio of 0.76 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts' consensus estimates of $2.36. The firm 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 company's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.07 EPS. Research analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current 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 given a $0.42 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.92%.

Analysts Set New Price Targets

WAL has been the topic of a number of research 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. Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Western Alliance Bancorporation in a report on Friday, August 21st. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Finally, TD Cowen boosted their price target on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a "hold" rating in a research report on Monday, July 27th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.47.

Western Alliance Bancorporation Profile

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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