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

Other large investors have also recently modified their holdings of the company. HWG Holdings LP bought a new position in shares of Western Alliance Bancorporation during the 1st quarter worth $25,000. Tsfg LLC purchased a new stake in Western Alliance Bancorporation in the first quarter valued at about $33,000. National Bank of Canada FI raised its stake in Western Alliance Bancorporation by 22.7% in the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after buying an additional 141 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Western Alliance Bancorporation by 91.5% in the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 482 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Western Alliance Bancorporation by 144.5% in the first quarter. Larson Financial Group LLC now owns 1,714 shares of the financial services provider's stock valued at $132,000 after purchasing an additional 1,013 shares during the period. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Down 1.6%

WAL traded down $1.35 on Friday, hitting $82.59. 1,102,476 shares of the company were exchanged, compared to its average volume of 1,135,361. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The company has a market cap of $9.12 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 0.58 and a beta of 1.33. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $79.40 and a two-hundred day moving average price of $77.48.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.03. The business had revenue of $836.21 million during the quarter, compared to analysts' expectations 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 in the prior year, the firm posted $1.75 EPS. On average, equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Truist Financial reduced their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research report on Monday, July 21st. Stephens restated an "overweight" rating and issued a $92.00 price objective on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Western Alliance Bancorporation in a research note on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price target on the stock. Piper Sandler lifted their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, Barclays lifted their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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 the company'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 transaction of $209,775.00. Following the completion of the sale, the insider directly owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.68% of the company's stock.

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.