Invesco Ltd. Purchases 339,758 Shares of Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Invesco Ltd. increased its stake in Western Alliance Bancorporation by 5.9%, acquiring an additional 339,758 shares, bringing its total ownership to 6,076,021 shares valued at approximately $466.8 million.
• Western Alliance Bancorporation reported an EPS of $2.07 for the most recent quarter, exceeding analysts' expectations of $2.04.
• The company announced a $0.38 quarterly dividend with a dividend yield of 1.9%, payable on August 29th to shareholders of record as of August 14th.

Invesco Ltd. grew its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,076,021 shares of the financial services provider's stock after acquiring an additional 339,758 shares during the quarter. Invesco Ltd. owned about 5.50% of Western Alliance Bancorporation worth $466,821,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. National Bank of Canada FI boosted its stake in shares of Western Alliance Bancorporation by 22.7% in the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after buying an additional 141 shares during the period. MidWestOne Financial Group Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.6% in the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock valued at $2,226,000 after purchasing an additional 160 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Western Alliance Bancorporation by 5.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 166 shares during the period. D.A. Davidson & CO. boosted its stake in shares of Western Alliance Bancorporation by 2.9% in the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock valued at $465,000 after buying an additional 169 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Western Alliance Bancorporation by 3.4% in the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock valued at $460,000 after buying an additional 197 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction 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 transaction, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on WAL. Royal Bank Of Canada decreased their target price on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler boosted their target price on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. DA Davidson upped their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Truist Financial dropped their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. upped their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL traded down $0.26 during mid-day trading on Friday, hitting $83.68. The company had a trading volume of 194,177 shares, compared to its average volume of 1,107,904. The stock has a market cap of $9.24 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 0.59 and a beta of 1.33. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10. 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's 50 day simple moving average is $79.23 and its two-hundred day simple moving average is $77.52.

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, beating the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The firm had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. During the same period last year, the firm earned $1.75 EPS. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.8%. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Western Alliance Bancorporation 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.