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

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

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vest Financial LLC bought a new position in shares of Western Alliance Bancorporation during the 1st quarter valued at approximately $919,000. Portside Wealth Group LLC purchased a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth approximately $217,000. Rhumbline Advisers raised its holdings in shares of Western Alliance Bancorporation by 0.9% during the 1st quarter. Rhumbline Advisers now owns 304,742 shares of the financial services provider's stock worth $23,413,000 after acquiring an additional 2,805 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Western Alliance Bancorporation by 11,675.5% during the 1st quarter. GAMMA Investing LLC now owns 167,566 shares of the financial services provider's stock valued at $12,874,000 after purchasing an additional 166,143 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Western Alliance Bancorporation by 5.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 166 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Price Performance

WAL stock opened at $74.34 on Friday. The business's fifty day moving average price is $70.61 and its 200 day moving average price is $80.43. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 12-month low of $56.70 and a 12-month high of $98.10. The company has a market capitalization of $8.21 billion, a PE ratio of 10.47, a P/E/G ratio of 0.63 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. The company had revenue of $790.10 million for the quarter, compared to the consensus estimate of $792.25 million. During the same quarter in the prior year, the business earned $1.72 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 2.04%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 20.85%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WAL. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Truist Financial began coverage on Western Alliance Bancorporation in a research note on Tuesday, May 13th. They issued a "buy" rating and a $92.00 price target for the company. Barclays decreased their price target on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. DA Davidson decreased their price target on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company decreased their price target on Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.77.

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.

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