Jennison Associates LLC Raises Holdings in Western Alliance Bancorporation (NYSE:WAL)

Jennison Associates LLC lifted its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 3.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 414,583 shares of the financial services provider's stock after purchasing an additional 12,040 shares during the quarter. Jennison Associates LLC owned about 0.37% of Western Alliance Bancorporation worth $31,852,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth approximately $109,298,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock valued at $151,604,000 after buying an additional 648,983 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Western Alliance Bancorporation by 23.5% in the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after buying an additional 445,176 shares in the last quarter. Bank of Montreal Can raised its position in shares of Western Alliance Bancorporation by 973.1% in the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider's stock worth $35,239,000 after acquiring an additional 382,513 shares during the period. Finally, Global Frontier Investments LLC purchased a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth about $23,809,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $81.53 on Friday. The business has a 50 day moving average price of $77.09 and a 200 day moving average price of $78.24. The company has a market capitalization of $9.00 billion, a P/E ratio of 10.71, a PEG ratio of 0.58 and a beta of 1.29. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.88 and a quick ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.03. The company 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 12.88% and a net margin of 16.39%. During the same quarter last year, the business posted $1.75 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.86%. Western Alliance Bancorporation's payout ratio is 20.85%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WAL. Jefferies Financial Group started coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They set a "buy" rating and a $95.00 price target for the company. Truist Financial raised their price objective on Western Alliance Bancorporation from $92.00 to $96.00 and gave the company a "buy" rating in a report on Friday, July 11th. DA Davidson decreased their price target on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. upped their price objective on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup increased their price objective on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.50.

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.

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