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 reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 50.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,227 shares of the financial services provider's stock after selling 121,449 shares during the quarter. Western Alliance Bancorporation accounts for approximately 2.3% of Rhino Investment Partners Inc's investment portfolio, making the stock its 15th biggest holding. Rhino Investment Partners Inc owned approximately 0.11% of Western Alliance Bancorporation worth $9,237,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its holdings in shares of Western Alliance Bancorporation by 15.8% in the 4th quarter. Wells Fargo & Company MN now owns 35,217 shares of the financial services provider's stock valued at $2,942,000 after purchasing an additional 4,797 shares during the period. Envestnet Asset Management Inc. increased its position in 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 buying an additional 9,075 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at approximately $2,695,000. Guggenheim Capital LLC raised its stake in Western Alliance Bancorporation by 236.0% in the fourth quarter. Guggenheim Capital LLC now owns 8,836 shares of the financial services provider's stock valued at $738,000 after buying an additional 6,206 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Western Alliance Bancorporation by 11.5% in the fourth quarter. NewEdge Advisors LLC now owns 4,566 shares of the financial services provider's stock valued at $381,000 after buying an additional 470 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WAL. Truist Financial decreased their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Piper Sandler lifted 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. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a research note on Wednesday, May 21st. They set a "buy" rating and a $95.00 target price for the company. Finally, Barclays lifted their target price on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $96.62.

Western Alliance Bancorporation Trading Up 0.5%

WAL stock opened at $82.4720 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The company's 50-day simple moving average is $79.87 and its 200 day simple moving average is $77.35. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The company has a market capitalization of $9.10 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share 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 net margin of 16.39% and a return on equity of 12.62%. During the same quarter in the previous year, the company earned $1.75 EPS. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share 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 paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is 19.97%.

Insider Activity

In related news, insider Tim R. Bruckner sold 2,500 shares of the 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 sale, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company 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.

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