Congress Asset Management Co. Sells 91,907 Shares of Western Alliance Bancorporation (NYSE:WAL)

Congress Asset Management Co. reduced its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 34.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,486 shares of the financial services provider's stock after selling 91,907 shares during the period. Congress Asset Management Co. owned 0.16% of Western Alliance Bancorporation worth $13,175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in shares of Western Alliance Bancorporation during the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC raised its position in shares of Western Alliance Bancorporation by 56.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 117 shares during the period. Allworth Financial LP lifted its stake in shares of Western Alliance Bancorporation by 115.6% in the fourth quarter. Allworth Financial LP now owns 401 shares of the financial services provider's stock worth $37,000 after buying an additional 215 shares during the last quarter. Atala Financial Inc acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $44,000. Finally, Principal Securities Inc. boosted its holdings in shares of Western Alliance Bancorporation by 338.1% during the 4th quarter. Principal Securities Inc. now owns 679 shares of the financial services provider's stock worth $57,000 after buying an additional 524 shares during the period. Institutional investors and hedge funds own 79.15% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on WAL shares. DA Davidson cut their target price on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Royal Bank of Canada decreased their target price on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company lowered their target price on Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, Stephens reiterated an "overweight" rating and set a $92.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and an average price target of $97.77.

Western Alliance Bancorporation Price Performance

Shares of WAL stock traded down $0.71 during trading on Wednesday, hitting $74.37. The company had a trading volume of 544,099 shares, compared to its average volume of 1,222,474. The firm has a market capitalization of $8.21 billion, a P/E ratio of 10.47, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. Western Alliance Bancorporation has a one year low of $56.70 and a one year high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The stock's 50-day moving average price is $70.73 and its 200 day moving average price is $80.17.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. The company had revenue of $790.10 million during the quarter, compared to analysts' expectations of $792.25 million. During the same period in the previous year, the company earned $1.72 EPS. Equities analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's payout ratio is 20.85%.

Western Alliance Bancorporation 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.