Great Lakes Advisors LLC Acquires 98,051 Shares of Western Alliance Bancorporation $WAL

Key Points

• Great Lakes Advisors LLC increased its stake in Western Alliance Bancorporation by 136.1% in the first quarter, owning approximately 0.15% of the company worth $13 million.
• Western Alliance Bancorporation experienced multiple upgrades from analysts, with a consensus rating of "Moderate Buy" and an average target price of $97.79.
• The company announced a quarterly dividend of $0.38 per share, resulting in an annualized yield of 1.7%.

Great Lakes Advisors LLC raised its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 136.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 170,071 shares of the financial services provider's stock after buying an additional 98,051 shares during the quarter. Great Lakes Advisors LLC owned 0.15% of Western Alliance Bancorporation worth $13,067,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its holdings in Western Alliance Bancorporation by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after buying an additional 21,642 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock valued at $133,000 after buying an additional 1,448 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Western Alliance Bancorporation by 71.2% in the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after buying an additional 3,249 shares during the last quarter. 683 Capital Management LLC grew its holdings in Western Alliance Bancorporation by 10.0% in the 1st quarter. 683 Capital Management LLC now owns 110,000 shares of the financial services provider's stock valued at $8,451,000 after buying an additional 10,000 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in Western Alliance Bancorporation by 72.6% in the 1st quarter. EP Wealth Advisors LLC now owns 8,235 shares of the financial services provider's stock valued at $633,000 after buying an additional 3,465 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock traded down $1.00 during midday trading on Friday, hitting $88.63. 1,138,385 shares of the company were exchanged, compared to its average volume of 926,058. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $9.78 billion, a P/E ratio of 11.65, a PEG ratio of 0.61 and a beta of 1.39. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The firm has a 50 day simple moving average of $83.97 and a 200-day simple moving average of $77.26.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.04 by $0.03. The business had revenue of $836.21 million during the quarter, compared to the consensus estimate 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. Research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

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

Insider Activity at Western Alliance Bancorporation

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the transaction, the insider owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.75% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on WAL shares. Wells Fargo & Company decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a report on Monday, July 21st. Industrial Alliance Securities set a $104.00 price objective on Western Alliance Bancorporation in a report on Tuesday, August 26th. Piper Sandler lifted their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. DA Davidson lifted their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Finally, JPMorgan Chase & Co. lifted their price objective 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.79.

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.