Nuveen LLC Makes New Investment in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Nuveen LLC has acquired a new position in Western Alliance Bancorporation, purchasing 592,037 shares valued at approximately $45.5 million.
• Western Alliance Bancorporation recently reported an EPS of $2.07 for the last quarter, exceeding analyst estimates, and announced a quarterly dividend of $0.38 per share, yielding 1.8%.
• Despite some positive earnings, shares of Western Alliance Bancorporation have experienced a 0.9% decline recently, with a current market capitalization of $9.27 billion.

Nuveen LLC purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 592,037 shares of the financial services provider's stock, valued at approximately $45,486,000. Nuveen LLC owned 0.54% of Western Alliance Bancorporation as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. National Bank of Canada FI lifted its stake in shares of Western Alliance Bancorporation by 22.7% during the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after purchasing an additional 141 shares during the period. MidWestOne Financial Group Inc. grew its position in Western Alliance Bancorporation by 0.6% during the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock valued at $2,226,000 after acquiring an additional 160 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Western Alliance Bancorporation by 5.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock worth $258,000 after acquiring an additional 166 shares during the last quarter. D.A. Davidson & CO. increased its stake in Western Alliance Bancorporation by 2.9% during the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock worth $465,000 after acquiring an additional 169 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its stake in Western Alliance Bancorporation by 3.4% during the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock worth $460,000 after acquiring an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Down 0.9%

NYSE:WAL opened at $83.98 on Friday. The company has a market capitalization of $9.27 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 0.59 and a beta of 1.33. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The stock has a 50-day simple moving average of $79.23 and a 200 day simple moving average of $77.52. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping analysts' consensus estimates of $2.04 by $0.03. The business had revenue of $836.21 million during the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. During the same period last year, the firm earned $1.75 earnings per share. Sell-side analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Thursday, August 14th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. The trade was a 9.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WAL. Piper Sandler upped their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Royal Bank Of Canada dropped their price target on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Truist Financial dropped their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. JPMorgan Chase & Co. raised their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $96.62.

About Western Alliance Bancorporation

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.

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