Cibc World Market Inc. Takes $2.10 Million Position in Western Alliance Bancorporation $WAL

Key Points

• CIBC World Market acquired 25,500 shares of Western Alliance Bancorporation worth approximately $2.10 million during the second quarter. Institutional investors now own 79.15% of the company’s stock.
• Western Alliance reported quarterly EPS of $2.36, in line with analyst estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year.
• The company declared a quarterly dividend of $0.42 per share, equivalent to an annualized yield of about 2.1%. Analysts maintain a “Moderate Buy” consensus with an average price target of $95.47, above the reported share price of $79.65.

Cibc World Market Inc. acquired a new stake 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 & Exchange Commission. The firm acquired 25,500 shares of the financial services provider's stock, valued at approximately $2,096,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Western Alliance Bancorporation during the 2nd quarter valued at $926,898,000. Davis Asset Management L.P. bought a new stake in shares of Western Alliance Bancorporation in the 2nd quarter worth $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Western Alliance Bancorporation in the 2nd quarter worth $174,329,000. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at $125,482,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Western Alliance Bancorporation in the second quarter valued at $72,621,000. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $79.65 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $8.69 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 0.77 and a beta of 1.34. The stock's fifty day simple moving average is $81.34 and its 200 day simple moving average is $79.90. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. During the same period in the previous year, the firm earned $2.07 earnings per share. Western Alliance Bancorporation's revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation's payout ratio is presently 18.92%.

Analyst Ratings Changes

A number of research analysts recently issued reports on WAL shares. JPMorgan Chase & Co. lifted their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. TD Cowen upped their price target on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a "hold" rating in a report on Monday, July 27th. Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Stifel Nicolaus set a $95.00 price objective on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Finally, Truist Financial boosted their target price 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. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $95.47.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the company's stock in a transaction dated 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 directly owned 3,485 shares of the company's stock, valued at approximately $282,285. This represents 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. Corporate insiders own 2.76% of the company's stock.

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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