Livforsakringsbolaget Skandia Omsesidigt Buys 22,000 Shares of Western Alliance Bancorporation $WAL

Key Points

• Livforsakringsbolaget Skandia Omsesidigt significantly increased its stake in Western Alliance Bancorporation by 171.9%, owning 34,800 shares valued at approximately $2.7 million.
• Western Alliance Bancorporation's stock recently opened at $90.94, with a market cap of $10.04 billion and a P/E ratio of 11.95.
• The company announced a quarterly dividend of $0.38 per share, representing an annualized yield of 1.7% and a payout ratio of 19.97%.

Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 171.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,800 shares of the financial services provider's stock after purchasing an additional 22,000 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Western Alliance Bancorporation were worth $2,714,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HWG Holdings LP acquired a new position in Western Alliance Bancorporation in the first quarter valued at about $25,000. Tsfg LLC acquired a new position in Western Alliance Bancorporation in the first quarter valued at about $33,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Western Alliance Bancorporation in the first quarter valued at about $58,000. National Bank of Canada FI raised its stake in Western Alliance Bancorporation by 22.7% in the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 141 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in Western Alliance Bancorporation by 91.5% in the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 482 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Insider Activity

In other news, insider Tim R. Bruckner sold 2,500 shares of the company'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 value of $209,775.00. Following the completion of the transaction, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WAL has been the subject of a number of analyst reports. 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 research note on Tuesday, July 1st. 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 note on Monday, July 21st. DA Davidson boosted their target price on Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Citigroup reissued a "neutral" rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 26th. Finally, Barclays boosted their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $97.79.

Western Alliance Bancorporation Trading Down 0.6%

Shares of Western Alliance Bancorporation stock traded down $0.55 on Friday, hitting $90.94. The stock had a trading volume of 3,331,870 shares, compared to its average volume of 1,072,592. The stock has a 50 day moving average of $84.47 and a 200 day moving average of $77.52. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market capitalization of $10.04 billion, a P/E ratio of 11.95, a PEG ratio of 0.63 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (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 company had revenue of $836.21 million during the quarter, compared to the consensus estimate of $838.58 million. During the same quarter in the prior year, the firm posted $1.75 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 annualized dividend and a dividend yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio is currently 19.97%.

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.