Driehaus Capital Management LLC Reduces Stake in Western Alliance Bancorporation $WAL

Key Points

• Driehaus Capital Management LLC has reduced its stake in Western Alliance Bancorporation by 25.1%, selling 171,845 shares to hold a total of 513,165 shares valued at approximately $39.4 million.
• Several institutional investors, including Northern Trust Corp and Ariel Investments LLC, have increased their holdings in Western Alliance Bancorporation, reflecting a mixed sentiment among investors.
• Western Alliance Bancorporation reported an EPS of $2.07 for the latest quarter, surpassing estimates, while also declaring a quarterly dividend of $0.38 per share with a yield of 1.7%.

Driehaus Capital Management LLC trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 25.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 513,165 shares of the financial services provider's stock after selling 171,845 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.46% of Western Alliance Bancorporation worth $39,426,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Western Alliance Bancorporation by 5.9% during the 1st quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider's stock worth $466,821,000 after buying an additional 339,758 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Western Alliance Bancorporation by 0.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,604,755 shares of the financial services provider's stock worth $276,954,000 after buying an additional 26,995 shares during the period. Janus Henderson Group PLC raised its stake in shares of Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock worth $195,616,000 after buying an additional 445,176 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in shares of Western Alliance Bancorporation by 1.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock worth $146,668,000 after buying an additional 25,260 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Western Alliance Bancorporation by 55.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after buying an additional 648,983 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Trading Up 0.7%

WAL traded up $0.65 during mid-day trading on Friday, hitting $89.64. 1,009,127 shares of the stock were exchanged, compared to its average volume of 950,606. The firm's fifty day moving average is $81.98 and its two-hundred day moving average is $77.18. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.89 billion, a PE ratio of 11.78, a PEG ratio of 0.62 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.During the same quarter last year, the company earned $1.75 EPS. Equities analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 19.97%.

Analyst Upgrades and Downgrades

WAL has been the subject of several research analyst reports. Truist Financial reduced their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Piper Sandler boosted their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Industrial Alliance Securities set a $104.00 target price on Western Alliance Bancorporation in a report on Tuesday, August 26th. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Monday, July 21st. Finally, JPMorgan Chase & Co. increased their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of "Moderate Buy" and an average target price of $97.79.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the sale, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This trade represents a 9.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.75% of the stock is owned by corporate insiders.

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.