Engineers Gate Manager LP Increases Stake in Western Alliance Bancorporation $WAL

Key Points

• Engineers Gate Manager LP increased its Western Alliance Bancorporation stake by 138.9% in the second quarter, bringing its holdings to 43,771 shares valued at approximately $3.6 million. Institutional investors collectively own 79.15% of WAL.
• Analysts maintain a favorable outlook, with 11 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $95.47.
• Western Alliance matched quarterly EPS expectations at $2.36 and exceeded revenue estimates with $995.7 million, up 17.7% year over year. The company also paid a quarterly dividend of $0.42 per share, representing a 2.1% yield.

Engineers Gate Manager LP lifted its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 138.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,771 shares of the financial services provider's stock after acquiring an additional 25,446 shares during the period. Engineers Gate Manager LP's holdings in Western Alliance Bancorporation were worth $3,598,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC boosted its stake in Western Alliance Bancorporation by 191.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 11,738 shares of the financial services provider's stock worth $965,000 after purchasing an additional 7,707 shares during the period. NewEdge Advisors LLC increased its position in shares of Western Alliance Bancorporation by 58.4% during the second quarter. NewEdge Advisors LLC now owns 16,803 shares of the financial services provider's stock valued at $1,381,000 after buying an additional 6,192 shares during the period. IFP Advisors Inc increased its position in shares of Western Alliance Bancorporation by 731.2% during the second quarter. IFP Advisors Inc now owns 3,117 shares of the financial services provider's stock valued at $256,000 after buying an additional 2,742 shares during the period. Allworth Financial LP lifted its holdings in shares of Western Alliance Bancorporation by 581.4% in the second quarter. Allworth Financial LP now owns 6,991 shares of the financial services provider's stock worth $575,000 after buying an additional 5,965 shares in the last quarter. Finally, West Family Investments Inc. purchased a new stake in shares of Western Alliance Bancorporation in the second quarter worth about $592,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on WAL shares. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Citigroup boosted their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the stock an "overweight" rating in a report on Thursday, July 23rd. TD Cowen increased their price objective on Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a "hold" rating in a research report on Monday, July 27th. Finally, Piper Sandler lifted their price objective on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $95.47.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $79.27 on Friday. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company has a fifty day moving average of $80.93 and a 200-day moving average of $78.77. The company has a market capitalization of $8.65 billion, a P/E ratio of 8.93, a P/E/G ratio of 0.76 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.

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 (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 business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same quarter in the prior year, the firm earned $2.07 earnings per share. Western Alliance Bancorporation's revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 2.1%. Western Alliance Bancorporation's payout ratio is presently 18.92%.

Western Alliance Bancorporation Company 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 and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners' associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.

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