Glenmede Trust Co. NA Lowers Stock Position in Western Alliance Bancorporation $WAL

Glenmede Trust Co. NA cut its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 168,267 shares of the financial services provider's stock after selling 12,832 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.15% of Western Alliance Bancorporation worth $11,922,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in Western Alliance Bancorporation by 1.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider's stock valued at $505,000 after purchasing an additional 113 shares in the last quarter. Ritholtz Wealth Management boosted its position in shares of Western Alliance Bancorporation by 4.6% in the fourth quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider's stock worth $255,000 after purchasing an additional 133 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Western Alliance Bancorporation by 4.2% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider's stock worth $237,000 after purchasing an additional 134 shares in the last quarter. Truist Financial Corp increased its stake in shares of Western Alliance Bancorporation by 5.2% in the fourth quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider's stock worth $261,000 after purchasing an additional 152 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of Western Alliance Bancorporation by 39.3% during the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 157 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on WAL. DA Davidson set a $36.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, July 22nd. UBS Group increased their price target on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Truist Financial raised their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "buy" rating in a report on Monday, July 27th. TD Cowen boosted their price objective on Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a "hold" rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods upped their price objective on Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average price target of $94.82.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $80.53 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.80 and a current ratio of 0.85. The firm has a fifty day moving average price of $81.00 and a 200 day moving average price of $80.92. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 9.07, a P/E/G ratio of 0.78 and a beta of 1.34.

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 for the quarter, meeting the consensus estimate of $2.36. The company had revenue of $995.70 million during the quarter, compared to analysts' expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. Western Alliance Bancorporation's quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the company posted $2.07 earnings per share. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio is 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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