Royal Bank of Canada Sells 11,498 Shares of Western Alliance Bancorporation $WAL

Key Points

• Royal Bank of Canada sold 11,498 shares of Western Alliance Bancorporation, reducing its holdings by 5.9%, leaving it with approximately 184,514 shares worth $14.18 million.
• Insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation at an average price of $83.91, indicating a 9.17% decrease in his position.
• Western Alliance Bancorporation reported $2.07 earnings per share (EPS) for the quarter, beating analyst expectations, and recently announced a quarterly dividend of $0.38 per share.

Royal Bank of Canada lessened its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 5.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,514 shares of the financial services provider's stock after selling 11,498 shares during the quarter. Royal Bank of Canada owned about 0.17% of Western Alliance Bancorporation worth $14,177,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HWG Holdings LP bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at approximately $25,000. Tsfg LLC bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at approximately $33,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at approximately $58,000. National Bank of Canada FI boosted its position 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 valued at $59,000 after acquiring an additional 141 shares during the period. Finally, UMB Bank n.a. boosted its position 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 acquiring an additional 482 shares during the period. Institutional investors own 79.15% of the company's stock.

Insider Transactions 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 dated 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 owned 24,759 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 2.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on WAL shares. JPMorgan Chase & Co. raised their price objective on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Barclays raised their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler raised their target price on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Industrial Alliance Securities set a $104.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and an average price target of $97.79.

Western Alliance Bancorporation Trading Up 0.4%

Shares of WAL opened at $88.70 on Thursday. The firm has a 50 day moving average price of $83.81 and a 200-day moving average price of $77.34. 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. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.61 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. The company had revenue of $836.21 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $1.75 EPS. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio is currently 19.97%.

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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