Cresset Asset Management LLC Reduces Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Cresset Asset Management LLC cut its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 75.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,823 shares of the financial services provider's stock after selling 8,557 shares during the period. Cresset Asset Management LLC's holdings in Western Alliance Bancorporation were worth $236,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in shares of Western Alliance Bancorporation during the fourth quarter worth $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock worth $27,000 after acquiring an additional 117 shares during the period. Fifth Third Bancorp increased its holdings in shares of Western Alliance Bancorporation by 70.1% in the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock worth $28,000 after acquiring an additional 136 shares during the period. Allworth Financial LP increased its holdings in shares of Western Alliance Bancorporation by 115.6% in the 4th quarter. Allworth Financial LP now owns 401 shares of the financial services provider's stock worth $37,000 after acquiring an additional 215 shares during the period. Finally, Atala Financial Inc acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth about $44,000. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Down 2.3%

NYSE:WAL traded down $1.75 during trading hours on Tuesday, reaching $75.58. The company had a trading volume of 1,003,868 shares, compared to its average volume of 1,224,339. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 0.63 and a beta of 1.30. The business's 50-day simple moving average is $71.88 and its two-hundred day simple moving average is $82.06. Western Alliance Bancorporation has a twelve month low of $56.70 and a twelve month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $790.10 million during the quarter, compared to analysts' expectations of $792.25 million. During the same period last year, the company earned $1.72 earnings per share. On average, equities analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 20.85%.

Analysts Set New Price Targets

WAL has been the topic of several recent research reports. Royal Bank of Canada lowered their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial initiated coverage on shares of Western Alliance Bancorporation in a report on Tuesday, May 13th. They set a "buy" rating and a $92.00 price target for the company. Barclays decreased their price target on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Stephens restated an "overweight" rating and set a $92.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. Finally, StockNews.com downgraded shares of Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.38.

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.