Principal Financial Group Inc. Sells 359,137 Shares of Western Alliance Bancorporation (NYSE:WAL)

Principal Financial Group Inc. trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 58.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 250,804 shares of the financial services provider's stock after selling 359,137 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Western Alliance Bancorporation worth $19,269,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its stake in Western Alliance Bancorporation by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,968,526 shares of the financial services provider's stock valued at $498,612,000 after acquiring an additional 154,575 shares during the last quarter. Invesco Ltd. increased its position in shares of Western Alliance Bancorporation by 5.1% during the 4th quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider's stock valued at $479,207,000 after purchasing an additional 278,041 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Western Alliance Bancorporation by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,577,760 shares of the financial services provider's stock valued at $298,887,000 after purchasing an additional 22,942 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after buying an additional 445,176 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Western Alliance Bancorporation by 1.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock worth $146,668,000 after buying an additional 25,260 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. DA Davidson reduced their price target on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Truist Financial lifted their target price on shares of Western Alliance Bancorporation from $92.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday. Royal Bank Of Canada cut their price target on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Finally, Citigroup raised their price objective on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $97.50.

Western Alliance Bancorporation Trading Down 0.9%

NYSE WAL traded down $0.73 on Friday, hitting $84.38. The company's stock had a trading volume of 611,506 shares, compared to its average volume of 1,215,839. The firm has a market cap of $9.32 billion, a P/E ratio of 11.57, a PEG ratio of 0.64 and a beta of 1.29. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The company's 50-day simple moving average is $75.85 and its 200 day simple moving average is $78.32. The company has a current ratio of 0.88, a quick ratio of 0.83 and a debt-to-equity ratio of 0.73.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.01. The business had revenue of $790.10 million for the quarter, compared to analysts' expectations of $792.25 million. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. During the same quarter in the previous year, the business posted $1.72 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's payout ratio is 20.85%.

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.