Louisiana State Employees Retirement System Takes $2.11 Million Position in Western Alliance Bancorporation $WAL

Key Points

• Louisiana State Employees Retirement System opened a new position in Western Alliance Bancorporation in the first quarter, buying 29,800 shares valued at about $2.11 million.
• Western Alliance reported better-than-expected Q1 results, with earnings of $2.22 per share versus consensus of $1.48 and revenue of $968.4 million, up 31% year over year.
• The stock was trading around $82.27 and was down 0.7% on the day, while analysts currently rate it Moderate Buy with an average price target of $93.07.

Louisiana State Employees Retirement System acquired a new stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 29,800 shares of the financial services provider's stock, valued at approximately $2,111,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its position in shares of Western Alliance Bancorporation by 1.9% during the 4th quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider's stock valued at $505,000 after purchasing an additional 113 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of Western Alliance Bancorporation by 4.6% in the fourth quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider's stock valued at $255,000 after buying an additional 133 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Western Alliance Bancorporation by 4.2% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider's stock valued at $237,000 after buying an additional 134 shares during the period. Truist Financial Corp boosted its stake in Western Alliance Bancorporation by 5.2% during the fourth quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider's stock valued at $261,000 after buying an additional 152 shares in the last quarter. Finally, Allworth Financial LP raised its position in Western Alliance Bancorporation by 39.3% in the fourth quarter. Allworth Financial LP now owns 557 shares of the financial services provider's stock worth $47,000 after acquiring an additional 157 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Down 0.7%

WAL stock opened at $82.27 on Wednesday. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company's 50 day simple moving average is $79.70 and its 200-day simple moving average is $81.75. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. The firm has a market capitalization of $8.98 billion, a P/E ratio of 9.58, a P/E/G ratio of 0.65 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The firm had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. During the same quarter last year, the business posted $1.79 EPS. The company's revenue was up 31.0% on a year-over-year basis. As a group, equities research analysts anticipate that Western Alliance Bancorporation will post 9.81 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 19.56%.

Insider Activity at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction on Monday, June 8th. The stock was 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 in the company, valued at approximately $282,285. The trade was a 63.05% 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. 2.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. National Alliance Securities reissued a "buy" rating on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Citigroup increased their price objective on Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. UBS Group raised their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Finally, Wells Fargo & Company upgraded Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and decreased their target price for the stock from $83.00 to $79.00 in a report on Monday, March 9th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $93.07.

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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