Western Alliance Bancorporation (NYSE:WAL) Shares Sold by LPL Financial LLC

Key Points

• LPL Financial LLC reduced its stake in Western Alliance Bancorporation by 8.2%, selling 11,987 shares to hold 134,316 shares worth approximately $10.3 million.
• Western Alliance's stock has been subject to various analyst ratings, with Piper Sandler raising their price target from $94.00 to $105.00 while several others adjusted targets lower.
• The company announced a quarterly dividend of $0.38, reflecting a 1.9% dividend yield, with a recorded payout ratio of 19.97%.

LPL Financial LLC lowered its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 8.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 134,316 shares of the financial services provider's stock after selling 11,987 shares during the period. LPL Financial LLC owned 0.12% of Western Alliance Bancorporation worth $10,319,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Inspire Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the 1st quarter valued at $697,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Western Alliance Bancorporation by 2.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,160 shares of the financial services provider's stock worth $2,087,000 after acquiring an additional 611 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Western Alliance Bancorporation by 27.6% in the 1st quarter. Cetera Investment Advisers now owns 6,304 shares of the financial services provider's stock worth $484,000 after acquiring an additional 1,364 shares in the last quarter. Legato Capital Management LLC grew its stake in shares of Western Alliance Bancorporation by 18.5% in the 1st quarter. Legato Capital Management LLC now owns 28,212 shares of the financial services provider's stock worth $2,168,000 after acquiring an additional 4,395 shares in the last quarter. Finally, Readystate Asset Management LP bought a new position in Western Alliance Bancorporation during the first quarter valued at about $470,000. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

NYSE:WAL traded up $5.15 during midday trading on Tuesday, hitting $82.60. The company's stock had a trading volume of 909,719 shares, compared to its average volume of 1,114,518. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The firm's 50 day moving average is $78.56 and its 200-day moving average is $77.51. 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 has a market cap of $9.12 billion, a P/E ratio of 10.85, a P/E/G ratio of 0.55 and a beta of 1.33.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. The firm had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. During the same quarter last year, the company earned $1.75 EPS. Equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal 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 paid 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 yield of 1.8%. Western Alliance Bancorporation's dividend 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 dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the sale, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on WAL shares. Citigroup upped 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. Piper Sandler raised their target price on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Jefferies Financial Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Wednesday, May 21st. They set a "buy" rating and a $95.00 price target on the stock. Stephens reissued an "overweight" rating and set a $92.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Finally, Barclays lifted their target price on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the 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 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.