Choreo LLC Has $754,000 Stake in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Choreo LLC reduced its stake in Western Alliance Bancorporation by 26.9%, holding 9,810 shares worth approximately $754,000 after selling 3,616 shares in the first quarter.
• JPMorgan Chase & Co. increased their stake by 33.3%, now owning 254,902 shares valued at $21.3 million, while other institutional investors have also made significant adjustments to their positions.
• Western Alliance Bancorporation reported a quarterly earnings per share of $2.07, beating estimates, and announced a quarterly dividend of $0.38, representing a yield of 1.85%.

Choreo LLC decreased its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 26.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,810 shares of the financial services provider's stock after selling 3,616 shares during the quarter. Choreo LLC's holdings in Western Alliance Bancorporation were worth $754,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in WAL. Price T Rowe Associates Inc. MD boosted its stake in shares of Western Alliance Bancorporation by 2.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,968,526 shares of the financial services provider's stock worth $498,612,000 after buying an additional 154,575 shares during the period. Invesco Ltd. raised its position in Western Alliance Bancorporation by 5.1% during the 4th quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider's stock worth $479,207,000 after buying an additional 278,041 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in Western Alliance Bancorporation by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,577,760 shares of the financial services provider's stock worth $298,887,000 after buying an additional 22,942 shares during the last quarter. Janus Henderson Group PLC raised its position in Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock worth $195,616,000 after buying an additional 445,176 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Western Alliance Bancorporation by 1.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock worth $146,668,000 after buying an additional 25,260 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Truist Financial lowered their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. JPMorgan Chase & Co. lifted their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. DA Davidson lifted their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a report on Monday, July 21st. Finally, Citigroup lifted their price objective on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Insiders Place Their Bets

In related news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the sale, the insider owned 24,759 shares in the company, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.68% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL traded down $1.20 on Wednesday, hitting $79.14. The company's stock had a trading volume of 750,726 shares, compared to its average volume of 1,089,550. The stock has a 50 day moving average of $77.71 and a 200-day moving average of $78.25. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.85 and a quick ratio of 0.81. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.56 and a beta of 1.29. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. The firm had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. During the same period in the previous year, the company posted $1.75 earnings per share. As a group, research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.92%. The ex-dividend date was Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.97%.

Western Alliance Bancorporation Company 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.