Kovitz Investment Group Partners LLC Boosts Stock Position in Western Alliance Bancorporation $WAL

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Western Alliance Bancorporation by 24.7% during the first quarter, reaching a total of 19,698 shares valued at approximately $1.51 million.
• Western Alliance Bancorporation reported an EPS of $2.07 for the last quarter, surpassing analysts' expectations of $2.04, while revenue totaled $836.21 million.
• The company declared a quarterly dividend of $0.38 per share, representing an annualized yield of 1.8%, to be paid on August 29th.

Kovitz Investment Group Partners LLC boosted its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 24.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,698 shares of the financial services provider's stock after purchasing an additional 3,900 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Western Alliance Bancorporation were worth $1,513,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of WAL. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Western Alliance Bancorporation by 55.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after purchasing an additional 648,983 shares during the last quarter. Nuveen LLC purchased a new stake in Western Alliance Bancorporation during the 1st quarter worth approximately $45,486,000. Janus Henderson Group PLC increased its holdings in Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock worth $195,616,000 after purchasing an additional 445,176 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Western Alliance Bancorporation by 5.9% in the 1st quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider's stock valued at $466,821,000 after acquiring an additional 339,758 shares during the last quarter. Finally, Global Frontier Investments LLC bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at approximately $23,809,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $82.83 on Tuesday. The company has a market cap of $9.14 billion, a P/E ratio of 10.88, a PEG ratio of 0.57 and a beta of 1.33. The stock has a fifty day moving average price of $79.58 and a 200 day moving average price of $77.28. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $838.58 million. During the same period in the prior year, the business earned $1.75 EPS. On average, research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

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

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the business's 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 completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.75% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WAL. Stephens reiterated an "overweight" rating and issued a $92.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. Barclays boosted their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group began coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price target for the company. Truist Financial lowered their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a report on Monday, July 21st. Finally, JPMorgan Chase & Co. boosted their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and an average price target of $96.62.

About Western Alliance Bancorporation

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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