Rhino Investment Partners Inc Sells 121,449 Shares of Western Alliance Bancorporation $WAL

Key Points

• Rhino Investment Partners Inc has significantly reduced its stake in Western Alliance Bancorporation by 50.3%, owning now 120,227 shares after selling 121,449 shares during the 1st quarter.
• Several institutional investors, including Wells Fargo and Envestnet Asset Management, have increased their investments in Western Alliance Bancorporation, indicating a mixed sentiment among large investors.
• The company recently reported quarterly earnings of $2.07 per share, exceeding expectations, and declared a dividend of $0.38, with a dividend yield of 1.8%.

Rhino Investment Partners Inc cut its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 50.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 120,227 shares of the financial services provider's stock after selling 121,449 shares during the quarter. Western Alliance Bancorporation makes up approximately 2.3% of Rhino Investment Partners Inc's portfolio, making the stock its 15th largest holding. Rhino Investment Partners Inc owned 0.11% of Western Alliance Bancorporation worth $9,237,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. National Bank of Canada FI lifted its holdings in shares of 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 worth $59,000 after buying an additional 141 shares in the last quarter. MidWestOne Financial Group Inc. lifted its holdings in shares of Western Alliance Bancorporation by 0.6% in the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock worth $2,226,000 after buying an additional 160 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Western Alliance Bancorporation by 5.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock worth $258,000 after buying an additional 166 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Western Alliance Bancorporation by 2.9% in the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock worth $465,000 after buying an additional 169 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Western Alliance Bancorporation by 3.4% in the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock worth $460,000 after purchasing an additional 197 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Price Performance

NYSE WAL traded up $1.89 on Tuesday, reaching $88.73. 277,826 shares of the company's stock traded hands, compared to its average volume of 1,105,231. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a 50-day simple moving average of $80.64 and a 200 day simple moving average of $77.14. The stock has a market cap of $9.79 billion, a PE ratio of 11.65, a P/E/G ratio of 0.60 and a beta of 1.33.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating 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 business had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. During the same period last year, the business earned $1.75 earnings per share. As a group, research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.97%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.75% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on WAL shares. DA Davidson upped 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 report on Monday, July 21st. Jefferies Financial Group started coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price objective on the stock. Barclays upped their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler upped their price objective on shares of 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, Truist Financial decreased their price objective on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $97.79.

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.