Persistent Asset Partners Ltd Acquires Shares of 8,970 Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Persistent Asset Partners Ltd has acquired a new stake in Western Alliance Bancorporation, purchasing 8,970 shares valued at approximately $689,000.
• Western Alliance Bancorporation reported earnings of $2.07 EPS for the last quarter, slightly beating analyst expectations and representing a year-over-year increase from $1.75 EPS.
• The company declared a quarterly dividend of $0.38, providing a 2.0% dividend yield for shareholders, to be paid on August 29th.

Persistent Asset Partners Ltd acquired a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,970 shares of the financial services provider's stock, valued at approximately $689,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WAL. Wells Fargo & Company MN lifted its stake in Western Alliance Bancorporation by 15.8% in the fourth quarter. Wells Fargo & Company MN now owns 35,217 shares of the financial services provider's stock valued at $2,942,000 after buying an additional 4,797 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Western Alliance Bancorporation by 20.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 52,710 shares of the financial services provider's stock worth $4,403,000 after purchasing an additional 9,075 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $2,695,000. Treasurer of the State of North Carolina raised its stake in shares of Western Alliance Bancorporation by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 47,210 shares of the financial services provider's stock worth $3,944,000 after purchasing an additional 300 shares during the last quarter. Finally, Sterling Capital Management LLC raised its stake in shares of Western Alliance Bancorporation by 26.3% during the fourth quarter. Sterling Capital Management LLC now owns 10,903 shares of the financial services provider's stock worth $911,000 after purchasing an additional 2,269 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $77.55 on Tuesday. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 0.55 and a beta of 1.33. The stock has a 50 day moving average of $78.56 and a 200-day moving average of $77.51. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.04 by $0.03. The company had revenue of $836.21 million during the quarter, compared to analyst estimates 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 quarter last year, the firm earned $1.75 EPS. As a group, analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Thursday, August 14th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.52 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 19.97%.

Analyst Ratings Changes

A number of brokerages recently weighed in on WAL. Citigroup upped their price objective on Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Wells Fargo & Company decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, July 21st. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada decreased their price objective on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Finally, Barclays increased their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Activity

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm's 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 sale, the insider owned 24,759 shares of the company's stock, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.75% of the company's stock.

Western Alliance Bancorporation Company 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.

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