Norden Group LLC Cuts Stake in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Norden Group LLC reduced its stock holdings in Western Alliance Bancorporation by 53.1%, owning 4,086 shares worth approximately $314,000 after selling 4,618 shares in the first quarter.
• Several institutional investors, including MidWestOne Financial Group Inc. and Wealth Enhancement Advisory Services LLC, increased their stakes in Western Alliance Bancorporation, indicating ongoing interest in the stock among hedge funds.
• Recent analyst activity shows mixed ratings, with Wells Fargo lowering its price target to $85.00, while DA Davidson and Piper Sandler raised their targets, reflecting a consensus of "Moderate Buy" with an average target price of approximately $96.62.

Norden Group LLC reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 53.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,086 shares of the financial services provider's stock after selling 4,618 shares during the period. Norden Group LLC's holdings in Western Alliance Bancorporation were worth $314,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. LPL Financial LLC increased its holdings in Western Alliance Bancorporation by 7.5% in the fourth quarter. LPL Financial LLC now owns 146,303 shares of the financial services provider's stock valued at $12,222,000 after buying an additional 10,245 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Western Alliance Bancorporation by 33.3% in the fourth quarter. JPMorgan Chase & Co. now owns 254,902 shares of the financial services provider's stock valued at $21,295,000 after buying an additional 63,714 shares in the last quarter. Norges Bank purchased a new position in Western Alliance Bancorporation in the fourth quarter valued at about $109,298,000. Pictet Asset Management Holding SA increased its holdings in Western Alliance Bancorporation by 5.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 14,111 shares of the financial services provider's stock valued at $1,179,000 after buying an additional 742 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in Western Alliance Bancorporation by 12.8% in the fourth quarter. Schroder Investment Management Group now owns 312,747 shares of the financial services provider's stock valued at $26,136,000 after buying an additional 35,508 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on WAL shares. Citigroup increased their target price 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. Wells Fargo & Company lowered their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Monday, July 21st. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the transaction, the insider owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.68% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Trading Down 1.6%

Shares of WAL traded down $1.23 during mid-day trading on Friday, reaching $76.33. The company had a trading volume of 999,220 shares, compared to its average volume of 1,066,573. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 0.53 and a beta of 1.33. The firm has a fifty day simple moving average of $77.91 and a 200-day simple moving average of $78.12. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. The company had revenue of $836.21 million for the quarter, compared to analyst estimates 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 business earned $1.75 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

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.