Corient Private Wealth LP Purchases Shares of 45,177 Western Alliance Bancorporation $WAL

Key Points

• Corient Private Wealth purchased 45,177 shares of Western Alliance Bancorporation in the second quarter, valued at approximately $2.9 million. Institutional investors collectively own 79.15% of the bank’s outstanding shares.
• Western Alliance reported second-quarter earnings of $2.36 per share, matching estimates, while revenue rose 17.7% year over year to $995.7 million. The company maintains a quarterly dividend of $0.42, equivalent to a 2.2% annual yield.
• WAL shares opened at $77.29, below the analyst consensus price target of $95.47. Analysts maintain a “Moderate Buy” consensus, with 11 Buy ratings and four Hold ratings.

Corient Private Wealth LP bought a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 45,177 shares of the financial services provider's stock, valued at approximately $2,895,000.

A number of other hedge funds have also recently modified their holdings of WAL. NewEdge Advisors LLC grew its holdings in shares of Western Alliance Bancorporation by 71.2% during the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock worth $600,000 after purchasing an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock valued at $133,000 after purchasing an additional 1,448 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Western Alliance Bancorporation by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after purchasing an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Western Alliance Bancorporation by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock worth $26,701,000 after buying an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in Western Alliance Bancorporation by 11.3% during the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider's stock worth $547,000 after buying an additional 713 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Down 1.1%

Shares of Western Alliance Bancorporation stock opened at $77.29 on Wednesday. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a market cap of $8.43 billion, a P/E ratio of 8.70, a PEG ratio of 0.75 and a beta of 1.33. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86. The firm has a fifty day moving average of $81.21 and a two-hundred day moving average of $79.42.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same quarter in the previous year, the firm earned $2.07 earnings per share. The business's quarterly revenue was up 17.7% compared to the same quarter last year. On average, analysts forecast that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.42 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.68 annualized dividend and a yield of 2.2%. Western Alliance Bancorporation's dividend payout ratio is presently 18.92%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WAL shares. TD Cowen lifted their target price 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. Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Weiss Ratings reissued a "buy (b-)" rating on shares of Western Alliance Bancorporation in a research report on Friday, August 21st. Citigroup lifted their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $95.47.

Insider Activity at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of the firm's 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 completion of the sale, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.76% of the stock is owned by company insiders.

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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