Commerce Bank Invests $2.54 Million in Western Alliance Bancorporation $WAL

Key Points

• Commerce Bank purchased 30,929 shares of Western Alliance Bancorporation during the second quarter, valued at approximately $2.54 million. Institutional investors collectively own 79.15% of WAL.
• Western Alliance reported quarterly EPS of $2.36, in line with estimates, while revenue reached $995.7 million and increased 17.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $95.47.
• The company declared a quarterly dividend of $0.42 per share, equivalent to an annualized $1.68 payout and a 2.1% yield. WAL recently traded at $78.38, below its analyst target and 52-week high of $97.23.

Commerce Bank purchased a new position in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 30,929 shares of the financial services provider's stock, valued at approximately $2,542,000.

Several other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new position in Western Alliance Bancorporation during the second quarter valued at $26,000. Quantbot Technologies LP purchased a new stake in Western Alliance Bancorporation in the second quarter worth $5,161,000. Evolve Private Wealth LLC bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at $280,000. Westpac Banking Corp bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at $75,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at $979,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $78.38 on Tuesday. The firm has a market capitalization of $8.55 billion, a P/E ratio of 8.83, a PEG ratio of 0.77 and a beta of 1.34. Western Alliance Bancorporation has a one year low of $65.82 and a one 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 has a fifty day moving average price of $81.35 and a 200-day moving average price of $80.06.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $2.36. The company had revenue of $995.70 million for the quarter, compared to analyst estimates 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 for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

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

Analyst Ratings Changes

WAL has been the subject of several research reports. Stephens set a $95.00 price target on Western Alliance Bancorporation and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Piper Sandler boosted their price objective on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. DA Davidson set a $36.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, July 22nd. Stifel Nicolaus set a $95.00 target price on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Finally, UBS Group lifted their target price on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $95.47.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.76% of the stock is currently owned by corporate insiders.

Western Alliance Bancorporation Company 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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