Maltese Capital Management LLC Sells 125,000 Shares of Western Alliance Bancorporation $WAL

Key Points

• Maltese Capital Management cut its Western Alliance Bancorporation stake by 67.6% in the fourth quarter, selling 125,000 shares and leaving it with 60,000 shares valued at about $5.0 million.
• Western Alliance reported solid quarterly results, posting EPS of $2.22 versus the $1.48 consensus and revenue of $968.4 million, with revenue up 31% year over year.
• Analyst sentiment remains constructive, with 10 Buy ratings and 4 Hold ratings; the stock has a consensus Moderate Buy rating and a price target of $92.93.

Maltese Capital Management LLC trimmed its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 67.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,000 shares of the financial services provider's stock after selling 125,000 shares during the period. Maltese Capital Management LLC owned about 0.05% of Western Alliance Bancorporation worth $5,044,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Clearstead Advisors LLC raised its stake in shares of Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after purchasing an additional 243 shares during the last quarter. Community Bank N.A. purchased a new stake in Western Alliance Bancorporation in the 3rd quarter valued at $37,000. Smartleaf Asset Management LLC lifted its stake in Western Alliance Bancorporation by 113.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 235 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Western Alliance Bancorporation during the 4th quarter worth $38,000. Finally, Leonteq Securities AG bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth $44,000. Institutional investors own 79.15% of the company's stock.

Insider Activity

In other news, CAO Ben Mucha sold 5,946 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.75% of the company's stock.

Wall Street Analyst Weigh In

WAL has been the topic of several recent analyst reports. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and dropped their target price for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. Barclays decreased their price objective on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Jefferies Financial Group reiterated an "overweight" rating and issued a $105.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. National Alliance Securities reaffirmed a "buy" rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Finally, Piper Sandler reduced their price objective on Western Alliance Bancorporation from $94.00 to $92.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.93.

Western Alliance Bancorporation Trading Down 2.4%

Shares of Western Alliance Bancorporation stock opened at $81.69 on Tuesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23. The firm has a market cap of $8.92 billion, a PE ratio of 9.51, a PEG ratio of 0.64 and a beta of 1.34. The company has a 50 day simple moving average of $78.65 and a two-hundred day simple moving average of $81.96.

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 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.74. The firm had revenue of $968.40 million for the quarter, compared to analysts' expectations of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The business's quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the company posted $1.79 EPS. Analysts expect that Western Alliance Bancorporation will post 9.8 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio is 19.56%.

About Western Alliance Bancorporation

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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