Hillsdale Investment Management Inc. Acquires New Holdings in Western Alliance Bancorporation $WAL

Key Points

• Hillsdale Investment Management initiated a new position in Western Alliance Bancorporation during the first quarter, buying 48,700 shares valued at about $3.45 million.
• Western Alliance reported strong first-quarter earnings, posting $2.22 EPS versus $1.48 expected and revenue of $968.4 million, with revenue up 31% year over year.
• The bank also paid a quarterly dividend of $0.42 per share, and analysts currently rate the stock Moderate Buy with a consensus price target of $94.

Hillsdale Investment Management Inc. bought a new position in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 48,700 shares of the financial services provider's stock, valued at approximately $3,450,000.

Other large investors have also recently bought and sold shares of the company. State of Michigan Retirement System increased its holdings in shares of Western Alliance Bancorporation by 1.2% in the first quarter. State of Michigan Retirement System now owns 24,700 shares of the financial services provider's stock worth $1,750,000 after purchasing an additional 300 shares during the period. Principal Financial Group Inc. boosted its stake in Western Alliance Bancorporation by 3.6% during the first quarter. Principal Financial Group Inc. now owns 230,142 shares of the financial services provider's stock valued at $16,306,000 after buying an additional 8,074 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Western Alliance Bancorporation during the first quarter valued at $390,000. Teachers Retirement System of The State of Kentucky grew its position in Western Alliance Bancorporation by 10.9% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 62,142 shares of the financial services provider's stock worth $4,403,000 after buying an additional 6,085 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in Western Alliance Bancorporation by 6,023.2% during the first quarter. Fifth Third Bancorp now owns 25,105 shares of the financial services provider's stock worth $1,779,000 after buying an additional 24,695 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $81.79 on Thursday. The business has a 50 day moving average of $79.91 and a 200 day moving average of $81.32. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 0.73 and a beta of 1.34. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.74. The business had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.Western Alliance Bancorporation's revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.79 earnings per share. On average, sell-side analysts predict that Western Alliance Bancorporation will post 9.5 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio is 19.56%.

Insider Activity

In related news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the transaction, the chief accounting officer owned 3,485 shares of the company's stock, valued at approximately $282,285. This trade represents a 63.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.76% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Western Alliance Bancorporation from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. UBS Group boosted their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Keefe, Bruyette & Woods upped their price objective on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Citigroup raised their target price on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Finally, Barclays dropped their target price on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

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 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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