Davis Asset Management L.P. Takes $274.22 Million Position in Western Alliance Bancorporation $WAL

Key Points

• Davis Asset Management acquired 3.336 million shares of Western Alliance Bancorporation, valued at approximately $274.2 million. The position represents about 3.06% of WAL and 6.9% of Davis’s portfolio.
• Institutional investors own approximately 79.15% of the company, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $95.47.
• Western Alliance reported quarterly revenue of $995.7 million, up 17.7% year over year, and matched earnings expectations at $2.36 per share. The company also declared a quarterly dividend of $0.42 per share, implying a 2.1% annualized yield.

Davis Asset Management L.P. acquired a new position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,336,000 shares of the financial services provider's stock, valued at approximately $274,219,000. Western Alliance Bancorporation comprises about 6.9% of Davis Asset Management L.P.'s portfolio, making the stock its 4th largest holding. Davis Asset Management L.P. owned approximately 3.06% of Western Alliance Bancorporation as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Commerce Bank purchased a new stake in Western Alliance Bancorporation during the second quarter valued at about $2,542,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Western Alliance Bancorporation in the 2nd quarter worth about $26,000. Quantbot Technologies LP bought a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $5,161,000. Evolve Private Wealth LLC bought a new position in Western Alliance Bancorporation during the second quarter valued at approximately $280,000. Finally, Westpac Banking Corp bought a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $75,000. Institutional investors own 79.15% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WAL shares. UBS Group boosted their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. DA Davidson set a $36.00 price target on Western Alliance Bancorporation in a research report on Wednesday, July 22nd. Truist Financial lifted their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Mizuho set a $96.00 price objective on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company boosted their price objective on Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.47.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the transaction, the chief accounting officer directly owned 3,485 shares of the company's stock, valued at approximately $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.76% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL opened at $79.78 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average price of $81.41 and a 200-day moving average price of $80.22. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 8.98, a price-to-earnings-growth ratio of 0.77 and a beta of 1.34. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company had revenue of $995.70 million for the quarter, compared to analysts' expectations of $980.53 million. During the same period last year, the firm earned $2.07 earnings per share. Western Alliance Bancorporation's quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.92%.

Western Alliance Bancorporation Profile

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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