Man Group plc Buys New Shares in Western Alliance Bancorporation $WAL

Key Points

• Man Group plc acquired 241,237 shares of Western Alliance Bancorporation in the second quarter, valued at approximately $19.8 million and representing about 0.22% of the company. Institutional investors collectively own 79.15% of WAL.
• Western Alliance reported quarterly earnings of $2.36 per share, matching estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year.
• The bank declared a quarterly dividend of $0.42 per share, equivalent to a 2.1% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $95.47, compared with the reported share price of $79.65.

Man Group plc purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 241,237 shares of the financial services provider's stock, valued at approximately $19,830,000. Man Group plc owned about 0.22% of Western Alliance Bancorporation as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at $26,000. Clearstead Advisors LLC increased its holdings in shares of Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after buying an additional 243 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Western Alliance Bancorporation in the 4th quarter worth $38,000. Assetmark Inc. raised its position in shares of Western Alliance Bancorporation by 86.0% in the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after buying an additional 259 shares during the period. Finally, Compound Global Advisors LLC acquired a new position in Western Alliance Bancorporation in the second quarter valued at $41,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the company'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 represents a 63.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.76% of the company's stock.

Western Alliance Bancorporation Trading Up 0.0%

NYSE:WAL opened at $79.65 on Thursday. The business's 50-day moving average is $81.34 and its two-hundred day moving average is $79.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The firm has a market capitalization of $8.69 billion, a PE ratio of 8.97, a price-to-earnings-growth ratio of 0.77 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts' consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company had revenue of $995.70 million for the quarter, compared to analysts' expectations of $980.53 million. During the same quarter in the previous year, the firm posted $2.07 earnings per share. The firm's quarterly revenue was up 17.7% on a year-over-year basis. Research analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation's payout ratio is 18.92%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on WAL shares. Mizuho set a $96.00 price target on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Stifel Nicolaus set a $95.00 price objective on Western Alliance Bancorporation in a research note on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Piper Sandler increased their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the company an "overweight" rating in a report on Thursday, July 23rd. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and a consensus target price of $95.47.

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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