Corient Private Wealth LLC Acquires 22,431 Shares of Western Alliance Bancorporation $WAL

Key Points

• Corient Private Wealth LLC boosted its stake in Western Alliance Bancorporation by 134.9% in the fourth quarter, buying 22,431 additional shares and bringing its total holding to 39,056 shares worth about $3.28 million.
• Analyst sentiment remains constructive overall, with ten Buy ratings and four Hold ratings; the stock’s consensus target price is $93.07 and the average rating is Moderate Buy.
• Western Alliance reported solid quarterly results, with EPS of $2.22 beating estimates and revenue of $968.4 million topping expectations, while the company also paid a quarterly dividend of $0.42 per share.

Corient Private Wealth LLC raised its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 134.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,056 shares of the financial services provider's stock after purchasing an additional 22,431 shares during the period. Corient Private Wealth LLC's holdings in Western Alliance Bancorporation were worth $3,283,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of WAL. Quadrant Capital Group LLC boosted its position in shares of Western Alliance Bancorporation by 1.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider's stock valued at $505,000 after buying an additional 113 shares during the last quarter. Ritholtz Wealth Management lifted its stake in Western Alliance Bancorporation by 4.6% during the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider's stock valued at $255,000 after acquiring an additional 133 shares during the period. Truist Financial Corp lifted its stake in Western Alliance Bancorporation by 5.2% during the 4th quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider's stock valued at $261,000 after acquiring an additional 152 shares during the period. Allworth Financial LP boosted its holdings in shares of Western Alliance Bancorporation by 39.3% during the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 157 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Western Alliance Bancorporation by 6.1% during the 4th quarter. GAMMA Investing LLC now owns 2,732 shares of the financial services provider's stock valued at $230,000 after acquiring an additional 158 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WAL. Jefferies Financial Group reissued an "overweight" rating and set a $105.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Weiss Ratings upgraded shares of Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. cut their target price on shares of Western Alliance Bancorporation from $105.00 to $77.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods boosted their target price on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Finally, Wells Fargo & Company raised Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and lowered their price target for the company from $83.00 to $79.00 in a report on Monday, March 9th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $93.07.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.68% of the stock is currently owned by insiders.

Western Alliance Bancorporation Stock Up 0.6%

Shares of WAL stock opened at $82.00 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The stock has a market cap of $8.95 billion, a P/E ratio of 9.55, a P/E/G ratio of 0.62 and a beta of 1.34. The company has a 50 day simple moving average of $79.54 and a two-hundred day simple moving average of $81.80.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, topping the consensus estimate of $1.48 by $0.74. The firm had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.Western Alliance Bancorporation's revenue was up 31.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.79 EPS. On average, research analysts expect that Western Alliance Bancorporation will post 9.81 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation's payout ratio is presently 19.56%.

About Western Alliance Bancorporation

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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