Price T Rowe Associates Inc. MD Trims Holdings in Western Alliance Bancorporation $WAL

Key Points

• Price T Rowe Associates Inc. MD reduced their stake in Western Alliance Bancorporation by 10.4%, selling 619,610 shares to hold approximately 4.84% of the company, worth $410.96 million.
• Western Alliance Bancorporation reported $2.07 earnings per share for the quarter, exceeding analyst expectations, despite revenues falling slightly short at $836.21 million.
• The company announced a quarterly dividend of $0.38 per share, equating to an annual yield of 1.7%, payable on August 29th to investors of record as of August 14th.

Price T Rowe Associates Inc. MD trimmed its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 10.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,348,916 shares of the financial services provider's stock after selling 619,610 shares during the period. Price T Rowe Associates Inc. MD owned 4.84% of Western Alliance Bancorporation worth $410,959,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WAL. HWG Holdings LP purchased a new position in Western Alliance Bancorporation during the first quarter valued at $25,000. Tsfg LLC bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth about $33,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth about $58,000. National Bank of Canada FI lifted its holdings in 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 valued at $59,000 after buying an additional 141 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in Western Alliance Bancorporation by 91.5% during the 1st quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $78,000 after buying an additional 482 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Down 0.2%

Shares of WAL traded down $0.1470 during mid-day trading on Monday, hitting $86.9830. 879,031 shares of the company's stock were exchanged, compared to its average volume of 931,845. The stock's 50-day moving average is $80.64 and its 200-day moving average is $77.14. The company has a market cap of $9.60 billion, a price-to-earnings ratio of 11.43, a P/E/G ratio of 0.60 and a beta of 1.33. 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 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 released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The company had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. During the same quarter last year, the company earned $1.75 earnings per share. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

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 given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WAL. Wells Fargo & Company reduced their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a report on Monday, July 21st. DA Davidson boosted their price objective on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Citigroup boosted their target price on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, Barclays upped their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the sale, the insider directly owned 24,759 shares in the company, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.