Choreo LLC Has $754,000 Stock Position 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% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Western Alliance Bancorporation during the fourth quarter worth about $2,695,000. American Century Companies Inc. increased its holdings in shares of Western Alliance Bancorporation by 1.1% during the fourth quarter. American Century Companies Inc. now owns 364,320 shares of the financial services provider's stock worth $30,435,000 after buying an additional 4,057 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Western Alliance Bancorporation by 7.5% during the fourth quarter. LPL Financial LLC now owns 146,303 shares of the financial services provider's stock worth $12,222,000 after purchasing an additional 10,245 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Western Alliance Bancorporation by 33.3% in the fourth quarter. JPMorgan Chase & Co. now owns 254,902 shares of the financial services provider's stock valued at $21,295,000 after buying an additional 63,714 shares during the period. Finally, Blair William & Co. IL raised its holdings in Western Alliance Bancorporation by 331.6% in the 4th quarter. Blair William & Co. IL now owns 52,264 shares of the financial services provider's stock valued at $4,366,000 after buying an additional 40,154 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on WAL shares. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a "buy" rating and a $95.00 target price on the stock. Royal Bank Of Canada reduced their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their target price on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research report on Monday, July 21st. Finally, Barclays upped their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Activity at Western Alliance Bancorporation

In related news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the sale, the insider owned 24,759 shares of the company's stock, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.68% of the stock is owned by corporate insiders.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $82.10 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock has a market cap of $9.06 billion, a P/E ratio of 10.79, a P/E/G ratio of 0.57 and a beta of 1.29. The company's 50 day moving average price is $77.40 and its two-hundred day moving average price is $78.23. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.03. The company had revenue of $836.21 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $1.75 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.85%. Western Alliance Bancorporation's payout ratio is presently 19.97%.

About Western Alliance Bancorporation

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.