FJ Capital Management LLC Buys 394,660 Shares of Western Alliance Bancorporation $WAL

Key Points

• FJ Capital Management LLC increased its holdings in Western Alliance Bancorporation by 824.8%, now owning approximately $34 million worth of shares.
• Western Alliance Bancorporation has received a consensus rating of "Moderate Buy" from analysts, with a price target averaging around $97.79.
• The company reported a quarterly earnings per share (EPS) of $2.07, exceeding analysts' expectations, and plans to pay a quarterly dividend of $0.38 per share.

FJ Capital Management LLC lifted its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 824.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 442,507 shares of the financial services provider's stock after purchasing an additional 394,660 shares during the period. Western Alliance Bancorporation comprises 3.5% of FJ Capital Management LLC's investment portfolio, making the stock its 5th biggest position. FJ Capital Management LLC owned about 0.40% of Western Alliance Bancorporation worth $33,998,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of WAL. HWG Holdings LP purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $25,000. Tsfg LLC purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $33,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $58,000. National Bank of Canada FI increased its stake in shares of Western Alliance Bancorporation by 22.7% during the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after purchasing an additional 141 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Western Alliance Bancorporation by 91.5% during the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock worth $78,000 after purchasing an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Trading Down 0.7%

NYSE:WAL traded down $0.67 on Friday, hitting $90.68. The stock had a trading volume of 1,210,840 shares, compared to its average volume of 885,811. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.63 and a beta of 1.39. The company has a fifty day moving average price of $83.35 and a two-hundred day moving average price of $77.36. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate 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 net margin of 16.39% and a return on equity of 12.62%. During the same period in the previous year, the business posted $1.75 EPS. Equities research analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.7%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Analysts Set New Price Targets

WAL has been the subject of several research reports. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 26th. Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Barclays upped their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Finally, DA Davidson upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research note on Monday, July 21st. 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 presently has an average rating of "Moderate Buy" and an average price target of $97.79.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. The trade was a 9.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.68% of the stock is owned by insiders.

About Western Alliance Bancorporation

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.